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New Product Ideas

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Running Head: NEW PRODUCT IDEAS 1
New Product Ideas
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NEW PRODUCT IDEAS 2
Likely sources of new product or business ideas
There are a variety of sources that can be utilized to develop new products and business ideas.
Some of the sources include; customer surveys, brainstorming, mass media, personal experiences and
personal interests. People can become innovative and develop new products based on these sources.
Data gathering and factual analysis
After an individual comes up with ideas for new products, the next step is to gather as much
information as possible. The information includes potential consumers, whether the product exists or is
needed in the market, pricing strategies as well as competition. The data can be gathered through either
qualitative or quantitative research methods (Martin, 2017). Qualitative data is the most use method since
it involves customer feedback, opinions and motivations. On the other hand, quantitative analysis
involves statistical and mathematical data.
Ability to make creative leaps
Individuals should always be able to be creative when coming up with new ideas. This allows for
their ideas to be unique and represent their knowledge as well as their application of their ideas. Creativity
also involves identifying problems and coming up with new solutions that are not in use. The ability to
make creative leaps determines whether an idea is efficient. Therefore, innovative individuals should be
able to make creative leaps (Burrus, 2018). This allows for their products to be unique and solve outlined
or identified problems in the workplace.
Need for fit with organization strengths and goals
As much as new ideas are being developed, they should also fit the organizational strategy. The
ideas need to increase organizational strengths and provide new ways or accelerate the achievement of the
organization’s goals. Innovative ideas fall within this scope which allows them to be applied in the
organization. Ideas that do not fall within this category cannot be utilized no matter how good or creative

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Running Head: NEW PRODUCT IDEAS 1 New Product Ideas Name Institutional Affiliation Date NEW PRODUCT IDEAS 2 Likely sources of new product or business ideas There are a variety of sources that can be utilized to develop new products and business ideas. Some of the sources include; customer surveys, brainstorming, mass media, personal experiences and personal interests. People can become innovative and develop new products based on these sources. Data gathering and factual analysis After an individual comes up with ideas for new products, the next step is to gather as much information as possible. The information includes potential consumers, whether the product exists or is needed in the market, pricing strategies as well as competition. The data can be gathered through either qualitative or quantitative research methods (Martin, 2017). Qualitative data is the most use method since it involves customer feedback, opinions and motivations. On the other hand, quantitative analysis involves statistical and mathematical data. Ability to make creative leaps Individuals should always be able to be creative when coming up with new ideas. This allows for their ideas to be unique and re ...
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