Presentation on theme: "Ind. 2.04 - Generate venture/product ideas to contribute to ongoing business success. SMALL BUSINESS."— Presentation transcript:
1 Ind. 2.04 - 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 aroundSo that you can invent the next great product!!Product ideas come from different placesExisting products made betterBrand 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 constantlyThey need to stay ahead of the competitionProduct 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 needExamples: 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.) CustomersObserve and notice when problems exist of people seem to have an unfulfilled needTalk with them – i.e. surveys, focus groups, satisfaction cards, one-on-one conversationsTalk to the people who deal with the customers – i.e. salespeople
9 Where do business look for inspiration for need products? (cont.) Existing ProductsFind the limitations and make them betterLook 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 ideasProgrammed thinking methods – Organized, logical, and analytical thinking techniques
11 Lateral Thinking Method - Brainstorming Primary goals is to identify as many ideas as possibleRelay– teams responding to teammates ideas in a certain orderRound Robin – no teams, participants respond in orderBrain drawing – members add to drawings to try to develop a productFree Association – state the first thing that comes to mindForced Questioning – used to answer a specific question
12 Lateral Thinking Method - Brainstorming Primary goals is to identify as many ideas as possibleSynectics – 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 failedForced 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 possibleStarburstingDraw a 6 pointed star and write the product opportunity in the middleWrite 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 possibleMind MappingIn the center of the paper write the main problem, which the market opportunity that you identifiedFrom the starting point, draw a line to other words and phrases that are related to the main ideaFrom each of these words, draw other lines that relate to the particular word and so onThis 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 attributesMorphological 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 successNo two business use the exact same method to develop products!