Work1Responses.docx

Akshay Work:

Idea generation for new products usually happens considering the issues and defects in the existing products. Most of the innovative ideas are based on the issues caused by the existing services and products (Chen, & Brem, 2019). Imagine if the cab services were more flexible and affordable, then mobile applications like Uber and others would have never emerged. Similarly if the hotel and the hospitality sector offered better accommodation services and booking facilities, then Airbnb and other holiday vacation sites would have never been created. Similarly if the movie industry especially the production houses were more relaxed with their copyrights, then OTT platforms would have never emerged. Had there been more options for the users for their songs, then music streaming services would have never emerged. It is clear that customers are looking for services and products that would offer more flexibility, affordability and convenience. Above all customers are looking for value for the money and time they invest (Specht, 2020)
Innovation should be easing the lives of the society and individuals and one such innovation is the food delivery service. Delivering the food to the doorsteps isn’t a new trend but delivering from various restaurants as per the preferences of the customers is the real innovation. We have seen several smartphones offering several features and especially there are smartphone being developed that can get charged within few minutes. However, not enough modifications have been made or developed, for integrating a micro solar panel in the smartphones. The proposed new product will be to create a smartphone that will enable charging phones through solar energy. This is much needed innovation needed because most of the mobile phone users are in need for additional charging options. Suppose a user is on the beach and the mobile tends to discharge, then this solar-enabled charging will help in charging the battery and keep the mobile functional.

References

Chen, J. & Brem, A. (2019) The routledge companion to innovation management. USA: Routledge

Specht, C. (2020) Open innovation approaches at different stages. India: Pearson

Gowtham Work:

Idea Generation and its Role in New Product Development Process
“Idea generation is the process of generating and selecting ideas to solve discrete problems” (Burleson, 2021). Idea formulation is a process It goes through two stages: divergence and convergence. We postpone judgment throughout the divergent period. This is the point at which all the ideas seem good ideas. The second part, the convergent phase, is when we use judgment to choose the greatest ideas to evolve. The aim of the idea generation, nevertheless, is to resolve consumer problems in the new product development. Without a well-defined problem, our thoughts will be unrestrained. Furthermore, creating a problem statement stimulates creativity and critical thinking.
Innovation, as a concept, relates to the method through which an individual or organization visualizes brand new goods, processes, and ideas, or approaches current products, processes, and ideas in creative ways. There are many different forms of innovation that a company may explore in the business sector. These are frequently linked to specific goods, internal procedures or workflows, or business models. “We’ve all heard the phrase “adapt or die” and for businesses to achieve success in today’s modern world, this is a universal truth” (Purcell, 2019). Innovation aids business growth. Because they appreciate the beneficial impact of innovation, businesses continue to develop while remaining one step ahead of the competition. The world around us is continuously changing, and businesses will ultimately need to evolve in to meet these new realities if it wants to be relevant and successful. In to compete and remain relevant in this changing climate, established businesses must innovate. Innovation assists an organization in distinguishing itself and its goods from the competitors, which may be especially effective in a crowded market. Doing something different than everyone else in your industry is what innovation is all about.
“Social listening is a marketing tactic that has been around for a while and yet isn’t overused” (Gorbatch, 2019). The approach is used to enhance customer service, identify market trends for product development and advertising activities, manage the brand image, conduct competitor analysis, identify related social media influencers, and locate “hot” leads on social networking sites. Brands begin with social listening, then analyse the data to determine where the trouble areas and exciting opportunities are. As it usually happens, amazing discoveries are created by chance.
I have been using Fitbit since quite a long time which allows me to monitor my daily physical activity. Fitbit aggressively employs social media in their promotion, and it appears to be successful. A social listening tool’s job is to be everywhere you are and more. Fitbit uses social listening to discover  developing issues and troubleshoot and get input from customers who may be experiencing a specific sort of difficulty. The business also accepts suggestions from its communities since many Fitbit users possess relevant knowledge. The top concepts are then presented to engineering teams. The “Reminders to Move” function is a fantastic illustration of how the brand leverages social listening for product development. It is a buzzing reminder that encourages the user to get up and move or walk for a bit. The users themselves introduced this very helpful function to Fitbit.
 
 References
Burleson, S. (2021, April 14). Idea Generation: 12 Rules to Ensure High-Impact Ideas. The AIM Institute. https://theaiminstitute.com/innovation/idea-generation/
Gorbatch, A. (2019, May 7). 4 Inspiring Social Listening Examples From Brands Doing It Right. Jeffbullas’s Blog. https://www.jeffbullas.com/social-listening-examples/
Purcell, W. (2021, May 28). The Importance of Innovation in Business | Northeastern University. Northeastern University Graduate Programs. https://www.northeastern.edu/graduate/blog/importance-of-innovation/