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From Kirana to Kopitiam: A Case Study of the Changing Indian Retail Industry
Using the PESTEL Framework to Analyze the Transforming the Indian Retail Industry We explore the Political, Economic, Social, Technological, Environmental, and Legal forces that impact the Indian Retail Industry using the PESTEL framework. This framework is especially pertinent and relevant as it lends itself to a thorough macro analysis of the industries and more importantly, […]
Questionnaire Design – Guidelines on how to design a good questionnaire
A good questionnaire should not be too lengthy. Simple English should be used and the question shouldn’t be difficult to answer. A good questionnaire requires sensible language, editing, assessment, and redrafting. Questionnaire Design Process State the information required- This will depend upon the nature of the problem, the purpose of the study and hypothesis framed. […]
International Retailing and Technology
International Retail and Fashion has come of age. We can trace the evolution of the industry from early 1990s where in industrialisation and other concepts like JIT, ECR and new Supply chain models helped the growth as well as restructuring of procurement methods. Further development and availability of space and building materials enabled the large […]
Marketing Mix Analysis for Entry of a Microwave Maker
Introduction This article is about how a multinational corporation is attempting to enter an emerging market like China or India and how it must position itself to capture the hearts and minds of the consumers. The multinational can be any of Samsung, Haier, or Bosch kind of companies that are now reaping the advantage of […]
New product development refers to introducing a new product and launching the same in the market keeping in minds customers’ needs and expectations from respective organizations. Bringing a new product in the market and ensuring the same is accepted by end-users is extremely challenging and requires brainstorming which eventually leads to generation of unique and innovative ideas.
Generating new ideas is no rocket science but requires out of the box thinking and the passion to do things differently. Blindly following competitors is seriously not recommended if you want to survive in the long run.
The first and the foremost tip to generate new ideas is to sit with team members/colleagues and jot down what actually needs to be done. Each one of us reading the article is capable of thinking differently but the problem is that we do not share our ideas and also fear implementing the same.
An idea, no matter how wonderful it is, goes waste if not discussed and executed in the right way. As a mature professional, one should not enter the conference or meeting room without a pen and notepad, especially when you are asked to share your inputs about a new product or service to be launched in the market.
One should do his/her homework carefully. Know what type of product or service, if introduced will not only outshine competitors but also take everyone by surprise. SWOT Analysis would help you in this. Understand your target market and also study market trends.
Let us understand the same with the help of an example:
University A wanted to introduce a new course in the market in the field of graphic and web designing. In such a case, management invited each of their employees on a common platform to understand what they think about introducing a new course in graphics and how such a course will earn revenues for their organization and ensure better brand name. Each new idea was written neatly on a piece of paper for future reference. Once all thoughts were jotted down, they sat for a brainstorming session.
Brainstorming does not mean fighting or arguing but evaluating the pros and cons of various options and deciding on the best alternative. You can get ideas anytime but always write them down.
An individual’s past experiences, situations, circumstances, overall exposure, culture all play an important role in idea generation. Ask questions among yourselves. Always take your colleagues seriously. You may not agree to someone’s views but that certainly does not mean his/her idea is irrelevant. Even a vague thought, if nurtured carefully can lead to an excellent idea. Discussions are important and lead to generation of new ideas.
In the above example certain questions can be raised which further leads to new ideas:
Remember, one idea leads to another. Surveys and market research also play an important role in idea generation for new product development. Go out, meet potential customers and understand what new product or service would actually make their lives easier and would be an instant hit among them.
If you are an organization, dealing in electrical appliances, trust me, think about something which would not only be pocket friendly but also offer additional benefits such as power saving, lucrative deals and so on. Put on your creative caps and think big. Trust me, people who do not dare to dream always complain of not getting ideas.
Never hesitate to speak. No one will hang you till death if your idea is not practical. You never know how sometimes even your irrelevant idea can actually lead to series of discussions giving birth to new and innovative ideas.
Your surroundings also play an important role in new idea generation. Sit in noise free area where you are able to concentrate and think. Soft music also acts as a catalyst in idea generation. Take breaks and do not take unnecessary pressure.
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