Management and Organizational Studies 2320A/B Lecture : Chapter 10 Textbook Summary.docx

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Kevin Thompson

Document Summary

For companies, new products are a key source of growth. For customers, they bring new solutions and variety to their lives. New product development process: idea generation. Internal sources the company can find new ideas through formal research and development, from employees. External sources distributors and suppliers, competitors, trade magazines, shows, seminars, government agencies, advertising agencies, inventors, etc. Most important from the customers themselves. Other companies actively solicit ideas from customers and in turn customers into creators. Customers often create new products and uses on their own and companies can benefit by putting them on the market: idea screening. The purpose of this stage is to reduce the number of ideas. Idea screening: sport good ides and drop poor ones as soon as possible. The write up describes the product or service, the proposed customer value proposition, the target market, and the competition.