![]() It also requires a thorough assessment of the internal strengths and weaknesses with respect to the existing product portfolio and capabilities. The exploration of new-product opportunities requires an extensive study of external business conditions and trends including understanding market needs and wants, and stakeholder expectations. New-product ideas are obtained from every facet of the business environment and the organization. While new-product development is a continuum in many organizations with ideas constantly flowing from individuals, teams, and business units, the Idea Generation Phase is the formal starting point of the NPD process where the ideas are identified, assessed, evaluated, ranked, and screened. ![]() Idea generation represents the genesis of the new-product development (NPD) process. The steps include reflecting on goals and priorities, examining guidelines, resolving problems and conflicts, evaluating ideas, and selecting candidates for further development. The fundamental steps include understanding the needs for new products, discovering existing and potential sources of ideas, describing internal and external requirements, and assessing the opportunities. Exploring new-product opportunities involves the generation, development, and evaluation of ideas for new products.
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