Internal and external sources of ideas
This involves people from different areas of the business coming together and creatively thinking up new ideas. Some of these ideas are rejected while some are giving further consideration. The diversity of the team assists in the creativity process.
Market research or feedback from sales representatives is a major
source of product innovation and new product ideas.
Monitoring competitors and copying some of their product ideas, while being mindful
of patent and copyright law e.g. Samsung and Apple.
where a product that is currently being imported is replaced by a home produced product of a similar quality or price.
e.g. replacing Chicken fillets of dutch origin with domestically produced chicken.
Use a Market Research company to identify gaps in the market and market trends.
Companies can then exploit these gaps or niche markets.