Question

Scenario: 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

Answer 1

answer-

1- Likely sources of new product or business ideas-

the idea presented should described which source it comes from. new prodct or business idea can come from following sources-

• interaction with employees in which employee would aksed to put thier opinions or view related to new business ideas or new product & manager would either choose one or more or integrate most of them to make a best idea out of all.
• customer interactions sometimes can give the insight or ideas to manager to produce a new product/service in the company. so customers can be a sources of new ideas.
• existing products can come in handy to produce a new idea for business or product. a manager can see the existing products & try to innovate that product by adding features to it.

Data gathering and factual analysis-

data gathering is very neccessary because data helps the manager to make decisions means which idea to pursue or which should not. the data one new ideas can be gathered by-

• market survey by asking existing customers or potential customers about the new idea.
• market demand analysis helps the manager to identify that new idea fulfills the demand of the market or not.

Ability to make creative leaps-

creative leap is the mental creativity to make the illustrate the new design or restrutures the old one or existing by innovating.manager has to decided the proposed idea based on the creative leap that new idea is fresh new design or makes the existing one in different sturcture or design.

Need for fit with organization strengths and goals-

the proposed idea by the employee should align with the strengths & goals of the company.the new ideas should be implemented with the current resources of the company & provide the profits to the company.the idea should be within the limits of the goals & strenght of the company.

these strength could be- technology, employee skilss, managerial fuctions etc.

Confirmation of commercial viability-

commercial viability is the ability of idea of new product to meet the demand of the market & run for a long period of time. the idea is said to be viabel if it is higly acceptable with the customers & market.

* above answer is written in my own words.hope this answer would help you.good luck.