The design process for new products or services begins with understanding the customer and actively identifying their needs. Ideas for new products or improvements to existing products can be generated from many sources, including a company’s own R&D department, customer complaints or suggestions, marketing research, suppliers, salespersons in the field, factory workers, and new technological developments. Competitors are also a source of ideas for new products or services.
For a company of your choice develop a new idea for a new service or product. Discuss the idea generation process including the advantages and disadvantages of each of the sources identified above.
You must demonstrate how your product/service complements the current offering of your chosen company. You must also demonstrate the value your new product/service will deliver to the customer.
You must demonstrate the various analyses you have conducted to prove the feasibility of your product/service. These include market, economic, technical and strategic analyses. These answer questions such as: does the new product require new technology? Is the risk or capital investment excessive? Is the market for this product large enough to turn a profit?