Principle of Serviceability in Retail Store Design
People love shopping at International Retail Malls and Stores. Weekends are often spent with family and friends shopping and spending entire day out at the malls. The Stores are designed to attract, entertain and engage the consumers. Therefore the Stores are designed, keeping in mind the visibility aspect as well as ease of use for […]
Changing Times Need Changing Approach towards CSR
The world is changing before our eyes and whether one actively participates in that or is a bystander, the changes affect all of us. This is true in the business world as well where resource crunch, power outages and labor unrest means that companies have to take extra precautions to survive the present times. When […]
Managing Brands over Geographic Boundaries and Market Segments
In current times every company is wanting to be a global player, some companies this out of compulsion, for some its natural extension, whatever the case companies need to have marketing programs, which can create and sustain brand equity across geographical boundaries and market segments. However, before studying the global view for marketing strategies, it […]
Relationship Marketing and CRM
Relationship Marketing is being spoken of as one key Business Philosophies of the progressive Organizations who are Customer Oriented or Customer Centric. Companies have realized that to be successful on the long term trajectory of successful business, they need to be closer to the market, get under he skin of the Customer, anticipate his needs […]
Should Long Term Shareholders Have Double Voting Rights ?
The long term success of a company depends on the decisions made by its management. The appointment of management is done by the shareholders. However, the problem is that shareholders are considered to be one homogenous group. This is not an accurate reflection of reality. Different kinds of shareholders invest in a company. Some shareholders […]
New product development refers to introducing a new product and launching the same in the market keeping in minds customers’ needs and expectations from respective organizations. Bringing a new product in the market and ensuring the same is accepted by end-users is extremely challenging and requires brainstorming which eventually leads to generation of unique and innovative ideas.
Generating new ideas is no rocket science but requires out of the box thinking and the passion to do things differently. Blindly following competitors is seriously not recommended if you want to survive in the long run.
The first and the foremost tip to generate new ideas is to sit with team members/colleagues and jot down what actually needs to be done. Each one of us reading the article is capable of thinking differently but the problem is that we do not share our ideas and also fear implementing the same.
An idea, no matter how wonderful it is, goes waste if not discussed and executed in the right way. As a mature professional, one should not enter the conference or meeting room without a pen and notepad, especially when you are asked to share your inputs about a new product or service to be launched in the market.
One should do his/her homework carefully. Know what type of product or service, if introduced will not only outshine competitors but also take everyone by surprise. SWOT Analysis would help you in this. Understand your target market and also study market trends.
Let us understand the same with the help of an example:
University A wanted to introduce a new course in the market in the field of graphic and web designing. In such a case, management invited each of their employees on a common platform to understand what they think about introducing a new course in graphics and how such a course will earn revenues for their organization and ensure better brand name. Each new idea was written neatly on a piece of paper for future reference. Once all thoughts were jotted down, they sat for a brainstorming session.
Brainstorming does not mean fighting or arguing but evaluating the pros and cons of various options and deciding on the best alternative. You can get ideas anytime but always write them down.
An individual’s past experiences, situations, circumstances, overall exposure, culture all play an important role in idea generation. Ask questions among yourselves. Always take your colleagues seriously. You may not agree to someone’s views but that certainly does not mean his/her idea is irrelevant. Even a vague thought, if nurtured carefully can lead to an excellent idea. Discussions are important and lead to generation of new ideas.
In the above example certain questions can be raised which further leads to new ideas:
Remember, one idea leads to another. Surveys and market research also play an important role in idea generation for new product development. Go out, meet potential customers and understand what new product or service would actually make their lives easier and would be an instant hit among them.
If you are an organization, dealing in electrical appliances, trust me, think about something which would not only be pocket friendly but also offer additional benefits such as power saving, lucrative deals and so on. Put on your creative caps and think big. Trust me, people who do not dare to dream always complain of not getting ideas.
Never hesitate to speak. No one will hang you till death if your idea is not practical. You never know how sometimes even your irrelevant idea can actually lead to series of discussions giving birth to new and innovative ideas.
Your surroundings also play an important role in new idea generation. Sit in noise free area where you are able to concentrate and think. Soft music also acts as a catalyst in idea generation. Take breaks and do not take unnecessary pressure.
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