Concept: Pool of Concepts
Student Question: “Developing a pool of concepts to serve as candidates for new products is the __________ stage of the new-product process.”
Explanation: The concept of idea generation is discussed in Product Innovation: Leading Change through Integrated Product Development. By David L. Rainey. Basically, a company will discuss a variety of distinct concepts in hopes of sparking new ideas for innovation and product development. This is the earliest stage in the process before an actual product development path has been chosen.
An example of this in action could be a collection of ideas for a new clothing line like the following: eco-friendly, shabby-chic, locally-sourced, and fair-trade. The product development team could then use these terms as a starting point to refine the underlying the product.
- Student: Sanjaya Malhotra
- Textbook: Marketing
- Course: MKT 421