Idea Generation in New Product Development: Roles of Innovation, Strategies, and Initiatives

Abstract

It is imperative for companies to focus on innovation and new product development. Companies require generating effective ideas for new products. The objective of the study is to understand the various aspects related to idea generation in new product development. The methodology adopted is a conceptual analysis of the various aspects of idea generation. Companies adopt two approaches viz. top-down idea generation and bottom-up idea generation. They validate the ideas generated and employ different market research tools viz. observation of customers; conducting interviews of customers, employees, and experts; analysis of the competition; and crowdsourcing for idea generation and usage of multiple methods for idea generation. Academicians may suggest approaches, market research tools, and multiple methods which are effective in idea generation and validation. Practicing managers will understand the importance of generating new ideas for products. They may apply different approaches and tools which are effective in generating and validating effective ideas.