An idea is the ultimate source of product development. If there isn’t any innovation, there won’t be anything to execute. One needs to work on concrete ideas and get involved in a systematic process for managing them. It is important to pay attention to quality ideas that can be transformed into actual market products. The process of idea generation is based on the interrelationships between the company, the product and the consumer. Due to dynamic environment, these relationships perpetually go through social, technological and economic changes. It is important to understand these changes for being efficient and productive in idea generation because working in accordance with the environment leads to the evolution of innovative products that satisfies consumer’s needs.
Importance of idea generation
The process of idea generation broadens the range of possibilities. There are various sources of ideas that come up with new products and concepts, each questioning a new necessity at the consumer end. Exposure to different ideas helps a company to determine the feasibility of a product. This leads to a strategic planning and almost eliminates the uncertainty rate of the new product. Often, new ideas are needed to explore new opportunities present in the market. It is crucial to introduce new changes to a product to increase its marketability. The primary objective of new ideas is to improve the way an organization operates. On a larger scale, idea generation helps boost the economy as it is driven by growth and increasing well-being.
The process of idea generation allows people to explore new and different opportunities rather than sticking to the existing solutions and perspectives. Many people tend to follow the prevalent mental models instead of paving a way for new ones. New ideas broaden the number of possible solutions for new product development.
Example; Logan was a low-cost car developed by French auto company Renault SA. The car was initially supposed to target the developing regions of the world. However, the Logan identified an opportunity in the Western European markets quite unexpectedly. This led to the development of a new version of the car for Western Europe.
Sources of idea generation
Idea generation is a continuous process that helps in searching for sustainable product development opportunities. Generally, various companies employ the following sources for idea generation of new products:
SWOT analysis: A company evaluates its strengths, weaknesses, opportunities and threats, and interprets the possible causes for the same. This helps in shaping a reliable and true picture of the product, and helps in coming up with the most suitable and feasible ideas.
Employees: Employee brainstorming can be a great source of idea generation. Participation of employees is one of the unbeatable sources because they can come up with sustainable ideas that are workable in accordance with company’s limited resources and economic status.
Market Research: Evaluation and interpretation of the dynamic market is crucial to come up with an idea that serves the changing needs and trends of the consumers. It is a reliable source that helps in generating marketable and viable ideas with higher acceptability rate.
Competitors Analysis: It is a smart choice to keep an eye on the performance and management of the competitors of the targeted market. This gives a company an idea about the missing element in the products of the rivals and strategize on it. Evaluating the vulnerabilities of the competitors can help in making calculative and wholesome moves in the process of product development.
Consumers: Targeted consumers are the best source of idea generation. The reason behind the reliability of this source is that they are the potential buyers of the future product. So, interviewing and communicating with the customers via different platforms can help in knowing what they actually want and establish an idea on the given terms.
For example, iRobot Corp. (iRobot) developed an innovative floor-cleaning robot called iRobot Roomba. The founders identified the opportunity of making robots that could be used in military, researches, and various other commercial platforms. This led to the innovation of the Roomba. Hence, the company did some market research and planned their product according to the needs of the consumers and the environment.
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