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Ind. 2.04 - Generate venture/product ideas to contribute to ongoing business success. SMALL BUSINESS.

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Presentation on theme: "Ind. 2.04 - Generate venture/product ideas to contribute to ongoing business success. SMALL BUSINESS."— Presentation transcript:

1 Ind Generate venture/product ideas to contribute to ongoing business success. SMALL BUSINESS

2 Why learn about techniques for idea generation?  Someone somewhere at sometime came up with the idea for every item that you see around  So that you can invent the next great product!!  Product ideas come from different places  Existing products made better  Brand new products

3 DISCUSSION  What is a product you wish you had invented?  In what situation do think it was invented?

4 WHAT DO YOU THINK?  Make an educated guess as to what the word “IDEATION” means…………

5 Ideation…  The process of generating and developing new ideas  One of the primary purposes in business is to generate ideas for new goods and services

6 Businesses need product ideas because…  Markets change constantly  They need to stay ahead of the competition  Product life cycles are becoming shorter

7 Where do business look for inspiration for need products?  Trends – the general direction in which people or events are moving (i.e. fashion, TV, music, etc.)  By studying trends, business get a sense of what customers need  Examples: What is needed in the health and fitness trend? In the increasing number of “Baby Boomers”?

8 Where do business look for inspiration for need products? (cont.)  Customers  Observe and notice when problems exist of people seem to have an unfulfilled need  Talk with them – i.e. surveys, focus groups, satisfaction cards, one-on-one conversations  Talk to the people who deal with the customers – i.e. salespeople

9 Where do business look for inspiration for need products? (cont.)  Existing Products  Find the limitations and make them better  Look to develop complimentary products (they “go with” another product)  Look to develop substitute products (takes the place of another product)  i.e. Blu-Ray to replace DVD and digital books to replace paperback books

10 Methods of creative thinking used to generate new product ideas  Lateral thinking methods – involve approaching an issue from new illogical directions and using illogical methods to develop new ideas  Programmed thinking methods – Organized, logical, and analytical thinking techniques

11 Lateral Thinking Method - Brainstorming Primary goals is to identify as many ideas as possible o Relay– teams responding to teammates ideas in a certain order o Round Robin – no teams, participants respond in order o Brain drawing – members add to drawings to try to develop a product  Free Association – state the first thing that comes to mind  Forced Questioning – used to answer a specific question

12 Lateral Thinking Method - Brainstorming Primary goals is to identify as many ideas as possible o Synectics – making connections through forced relations (two items that seem unrelated to find new practical combinations). More time consuming than brainstorming but it good when other creative methods have failed  Forced Analogies – using metaphors and similes to create connections where none exist (i.e. waiting on the bus on a cold day, think of other times you wait, like a doctors office to help you come up with a solution

13 Lateral Thinking Method - Brainstorming Primary goals is to identify as many ideas as possible  Starbursting  Draw a 6 pointed star and write the product opportunity in the middle  Write the following words at the tip of the star – who, what, why, when, where, and how?  Answer each question based on the recognized product opportunity

14 Lateral Thinking Method - Brainstorming Primary goals is to identify as many ideas as possible  Mind Mapping  In the center of the paper write the main problem, which the market opportunity that you identified  From the starting point, draw a line to other words and phrases that are related to the main idea  From each of these words, draw other lines that relate to the particular word and so on  This helps to expand thinking and get lots of different ideas down on paper

15 Programmed Thinking Techniques  Attribute listing – List the products characteristics that make it unique from other goods then find ways to improve those attributes  Morphological Analysis – List a products characteristics then combine some or all of those to create a new product

16 Making it pay!  New product ideas are essential for long term business success  No two business use the exact same method to develop products!


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