If you were responsible for generating new product ideas for your firm, describe how would you structure a process to accomplish this object. What sources of new ideas do you think would be most valuable?

When answering this question, it is important to note that when new product ideas, one has to understand the market and its customer needs. Being responsible for generating new ideas for my firm, I would strategize on market research in order to understand a problem in the market that need to be resolved. This would include research of competitors and what challenges they are facing, customer feedback on the existing products and services and also the emerging trends and technologies. Having done the research, it will be then possible to identify an emerging problem in the market and hence provide a solution in order to have a competitive advantage.

The major sources of new ideas that would be most valuable are the customer and employee feedback, social media platforms and the current trends. Customer and employee feedback gives the company an insight of what the customer needs and expectations are, and hence influence the decision making in future productions. Moreover, social media has proved to be a great source of inspiration and information which will enable one to be creative especially in a business. Understanding the trends will enable me to keep up with new demands and hence inspire new ideas in order to remain competitive. Hence, these are some of the factors to consider when answering this assignment.

Step-by-step explanation

Any new idea in an organization should be able to solve an existing problem in the market. For example, in technology, computer companies realized there was need for portable computers since most business people travelled often and hence developed the portable laptops that one can carry easily. Other businesses create a problem in the market and then convince the customer the need to solve that problem. Listening to the employees' feedback also helps in coming up with new ideas on how to improve products and services. In an organization, there are diverse employees and therefore it is important to create an environment whereby they can share their ideas. This will therefore ensure the competitiveness of the company and its long-term success. Hence, these are some of the pointers to consider in this question.