Techniques for Creating New Product Ideas:which to Choose? Available to Purchase

The effectiveness of the whole product development process is limited by the quantity and quality of new ideas uncovered. New idea inputs surface haphazardly when no systematic procedure exists to uncover them. As a consequence, the unorganised company may find itself developing products of only marginal promise. A systematic approach to comparative product ideas is especially important in industries with short product life cycles, such as the packaged drug business. An “inventory” of new product ideas is needed to produce a series of overlapping profit waves to insure growth and a regular cash flow. The high mortality rate of product ideas also argues for having a large pool of ideas to draw on.