MKTG6004 Lecture 3: Detailed summary of lecture and additional notes from relevant textbook chapters
Document Summary
Four main approaches to concept generation: existing/available ideas. They have a staff suggestion box and every quarter will have to fill in a form and list ideas that can improve the firm"s performance. Lots of our ideas come from those forms. : problem-solving for consumers. I can"t believe the number of focus groups that are run with customers. We"re always asking them what"s wrong with our products. : looking for gaps. At our firm, we start with the market. At the end of the day, the product needs to be a market success, which means it needs to hit consumer demand without too much competition. So we look at what competitors are offering and what we can offer that"s different. : modifying/improving existing products. We do the same thing, except we don"t use customers. Instead, we get our product designers to try and work out how they can make the product better.
