ENG ELC 220 Lecture Notes - Lecture 13: Crowdsourcing, New Product Development, Innovation Management
18 Sep 2020
School
Department
Course
Professor
Document Summary
New product development the development of original products, product improvements, product modifications, and new brands through the firm"s own product development efforts. There are eight major steps in a new product development process. Idea generation the systematic search for new product ideas. Major sources of new product ideas include internal sources and external sources. Using internal sources, the company can find new ideas through formal r&d or develop entrepreneurial programs that encourage employees to develop new product ideas. Companies can also obtain good new product ideas from any of a number of external sources (distributers, suppliers, competitors or customers). Crowdsourcing inviting broad communities of people customers, employees, independent scientists and researchers, and even the public at large into the new product innovation process. Idea screening screening new product ideas to spot good ones as soon as possible. Product concept a detailed version of the new product idea stated in meaningful terms.
