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As a partner in a small communications firm, you have noticed that your fellow partners and several employees have mentioned new product ideas they felt were worth pursuing, but that none of these ideas have been pursued. Propose a formal process to determine if ideas that are presented are worthy of market testing. Include the following in your proposal:

Likely sources of new product or business ideas
Data gathering and factual analysis
Ability to make creative leaps
Need for fit with organization strengths and goals
Confirmation of commercial viability

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Sample Answer

Formal process to determine if new product or business ideas are worthy of market testing:

1. Likely sources of new product or business ideas

New product and business ideas can come from a variety of sources, including:

  • Customers: Customers are often the best source of new product and business ideas, as they are the ones who are using your products and services on a daily basis. You can gather customer feedback through surveys, focus groups, and interviews.
  • Employees: Employees are another great source of new product and business ideas. They are the ones who are working on the front lines and have a deep understanding of your products and services. You can encourage employees to submit new product and business ideas through an internal idea submission process.

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  • Competitors: Keeping an eye on your competitors can also give you insights into new product and business opportunities. Look at what your competitors are doing well and what they could be doing better.
  • Industry trends: By staying up-to-date on the latest industry trends, you can identify new opportunities for product and business development.
  • Brainstorming: Brainstorming is a great way to generate a large number of new product and business ideas. Encourage your team to think outside the box and come up with any idea, no matter how crazy it may seem.

2. Data gathering and factual analysis

Once you have a list of potential new product and business ideas, you need to gather data and conduct a factual analysis to determine which ideas are the most promising. This may involve gathering data on market size, customer needs, and competitive landscape. You may also need to conduct market research to validate your ideas and get feedback from potential customers.

3. Ability to make creative leaps

While it is important to base your decisions on data and factual analysis, it is also important to be able to make creative leaps. Don’t be afraid to think outside the box and come up with new and innovative ideas.

4. Need for fit with organization strengths and goals

When evaluating new product and business ideas, it is important to consider how well they fit with your organization’s strengths and goals. For example, if your organization is known for its high-quality products, you should focus on developing new products that meet that high standard.

5. Confirmation of commercial viability

Finally, you need to confirm the commercial viability of your new product or business idea. This means determining if there is a market for your product or service, and if you can make a profit from it. You can conduct market research to validate your idea and get feedback from potential customers. You may also need to develop a business plan to project your costs and revenues.

Conclusion

By following this formal process, you can increase your chances of identifying and pursuing new product and business ideas that are worthy of market testing.

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