Idea Generation. The systematic search for new product/business idea The idea should take care of consumer need 1)Type of need 2)Timing of Need 3)Market.

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Idea Generation

The systematic search for new product/business idea The idea should take care of consumer need 1)Type of need 2)Timing of Need 3)Market size and potential 4)Payment capacity of consumers

Creativity and Innovation in Idea Generation Creativity :To bring something new into existence Innovation :Translation of an idea into application

Idea Generation can Add product features Cut cost Simplify Operations

Sources of Idea Generation Consumers Existing companies Existing products and services Substitution Middlemen Channels of suppliers and marketers Research and development Government Policies

Sources of Idea Generation Consumers Existing companies Existing products and services Substitution Middlemen Channels of suppliers and marketers Research and development Government Policies

Assignment What is idea generation What are the various sources of idea generation