Why are competitors considered a good external idea source?Explain product concept and concept testing

Why are competitors considered a good external idea source?Explain product concept and concept testing

Expert Solution

There are many different sources of generating ideas, both internal and external to a company. Competitors are considered a great external source because, they are operating in the same industry and are trying to create similar kinds of products as you. Researching competitors keeps one updated about innovation and new product concepts coming up in the industry and makes sure that a company doesn't miss out on a great new opportunity. A company must understand that innovation can happen anywhere and anybody can up with a great new idea. Embracing that fact, companies must keep on exploring activities of their competitors as they represent different perspectives, working on similar problems.

Another reason is concept testing. Product concept is coming up with new and innovative product ideas and concept testing is the act of conducting consumer surveys to evaluate acceptance of that new product. Tracking your competitor's activities can help you take advantage of the competitor's market research and concept testing activities, to straight away focus on new product ideas that have already been tested for. This saves time and resources for the company.

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