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.

jeff jeffy answered 2 years ago

Explain why testing is considered a sampling process

Explain the reason why refineries are considered a major source of pollutant?

Why is poverty considered a relative concept?

Would education be considered a public good? What are the external benefits? If it is, what...

Would education be considered a public good? What are the external benefits? If it is, what can those public benefits be? Based on your opinion are those external benefits small or large? Why? What can the government do to promote the effective provision of these items that have external benefits? If you believe that the government should set out more resources in education, what are some of the opportunity cost of that descision? How can an economist determine the right...

Why is it more favorable to use an external source versus an internal source for quality...

Why is it more favorable to use an external source versus an internal source for quality assurance program administration?

a) Explain with an illustration why only external pressures are considered when determining the primary (i.e....

a) Explain with an illustration why only external pressures are considered when determining the primary (i.e. global) structural action due to wind loads. b) What range of Cpi would you consider for a residential apartment building? c) Which exposure classification would apply for the following situations: a. Wind coming from Lake Ontario for a building located on the waterfront in Toronto. b. A tourism center located in a national park in Northern Ontario. c. A structure located on the edge...

a. In your opinion, is "open source" innovation a good idea for technology transfer? b. Are...

a. In your opinion, is "open source" innovation a good idea for technology transfer? b. Are there potential drawbacks to using such systems? c. What do you suggest in order to protect intellectual property rights while using open source?

1 Explain how customer complaints can be a source of new product idea (2 marks). Question...

1 Explain how customer complaints can be a source of new product idea . Question 2 Using a phone’s battery to illustrate, explain how the mean time between failures (MTBF) can be used as a measure of a product’s reliability . Question 3 Your firm is keen on ensuring that customer requirements are adequately captured as measurable design specifications. Recommend an appropriate quality improvement tool that can enable your firm to achieve this objective. (1 mark). Question 4 State the...

What is the concept of a genomic census, and why is it important to the idea...

What is the concept of a genomic census, and why is it important to the idea of sequencing an environment?

Describe what a pro se action is. Is it a good idea?Why or why not?...

Describe what a pro se action is. Is it a good idea? Why or why not?(This is in relation to criminal justice)

Question