New Product Ideas for Marketing Class

Generate Fresh Product Ideas for Marketing Class

Ideas, they say rule the world! Coming up with an idea for a product can be a difficult task as well as an easy one depending on the procedure followed. It is necessary to state that there are good product ideas as well as bad ones. The good ones are those which have a high likelihood of performing well in the market. Performance as used here simply refers to a product gaining market acceptability, while a bad product will have the opposite effect. All of these are meant to enable a marketing class come up highly effective new product ideas by studying your submissions.

This article seeks to focus on new product ideas for marketing class with the sole aim of guiding the reader on things to watch out for when searching for new product ideas. It also highlights important factors that disqualify certain product ideas. In reality, you are expected to actually come up with such ideas after having been guided on the above-mentioned strategies for bringing up ideas. In coming up with product ideas, the customer has to be actually involved in the process. Thus this requires conducting a research.

The First Step for Coming up with a New Product Idea

When brainstorming on a new product idea, you need to also think about current successful products which are very popular and well accepted in the market. Using such a product as a reference point, you need to then analyse every aspect of the product in a bid to find out if clients/customers are fully satisfied with everything about such product. If they are not, what are these aspect of the products that still require improvement on? This puts your mind to task by brainstorming on how to offer improvements to such product.

After you must have come up with your own suggestions for improvement, you will then need to find out from the customer if such improvements are acceptable. By acceptable, we simply mean finding out if the client/customer will gladly buy or choose the ‘improved’ version over the existing one. However, a few consumers are not enough to have a more convincing assessment of your product improvements. You will need to inquire from a larger set of consumers if your products will be more acceptable to them than similar existing products.

Where to Obtain Product Ideas

Having stated the need to seek the opinion of customers on your product improvements, where do you obtain these product ideas in the first place? A reliable source is nearer than you think; your family and friends provide a ready source of information on available/existing products in the market place. This source of information is important because more often than not, this group of people often express dissatisfaction with certain services being offered to them as well as their little suggestions on how they think these products would have been better. It is necessary when choosing a product to focus on a specific product niche to make your work much easier.

Retailers are yet another source of highly valuable information regarding product development. Because they are in constant contact with both producers suppliers/manufacturers and buyers, they have a better picture of what products meet the consumers specific needs and which do not. Many times, consumers make a lot of enquiries about non-existent products. This simply demonstrates that they need certain products that meet their specific needs. By this, it means that existing products are not currently meeting their needs.

Your main interest here is finding gaps between customer satisfaction and existing products available in the market place in order to develop or come up with a more acceptable product idea. Products can be divided into several categories which include games and toys, kids/babies stuff, products for recreational activities, travel, sports and fitness, food and kitchen among several categories.

Highly Technical Categories

When carrying out your research for new products, there are certain categories which are considered highly technical and will require having the relevant skill to know if there are gaps in satisfaction. Because these categories are highly technical, products are only developed for a certain segment of the population which may not be significant enough as regards the number of people patronizing the service. A marketing class will prefer to focus on products that have greater patronage over those which are restricted.

So, what are these highly technical categories we are talking about? The production of computer programming software, hospital equipment, oil exploration equipment and other products in the same categories will not be viable to be discussed in a marketing class because of the above mentioned reasons. Hence, it is expected that to be able to discuss these areas, you must have the relevant technical knowledge too. You cannot simply walk into any grocery store and buy these equipment as they are only offered on demand.

These are some salient issues to consider when providing new product ideas for a marketing class. The ideas you come up with are totally up to you. However, arriving at these ideas should follow the above-mentioned steps if you need to do a good job.

Related Posts:

Leave a Reply

Your email address will not be published. Required fields are marked *

six − one =

PracticalBusinessIdeas.com © 2011 - 2018 | About Us | Terms | Privacy Policy