New Product Concept Development

Author

Ronald L. Shaw, Fontbonne College

Year of Award

1986

Degree

Master of Business Administration (MBA)

College

College of Business & Professional Studies

Degree Program

Business

Department

Business Administration

Keywords

Concept, Profitability, Idea, Screening, Growth, Design, Creative Thinking

Abstract

New products are vital to corporate profitability and growth. To ensure a steady stream of new product successes, companies must continually generate, screen and develop ideas into viable new product concepts. In recent years, companies have placed increasing emphasis on concept development using a wide array of strategies and techniques.

In the initial phase of concept development, Idea Generation, management seeks to develop a variety of raw ideas that may eventually provide the basis for a successful new product. Successfully combining creativity and knowledge is the key. In the second phase, Idea Screening, management attempts to separate possible winners from probable losers. Finding a good fit between company strengths and consumer wants is the key.

In the last phase, Concept Optimization, a "core idea" is developed into a product concept, the concept is positioned and the product is named. Finally, concept testing provides a "GO/NO GO" reading.

Companies that adopt a systematic approach to idea management increase their odds of new product success and gain valuable new insights into their existing businesses.

Document Type

Restricted Thesis

Recommended Citation

Shaw, Ronald L., "New Product Concept Development" (1986). All Theses, Dissertations, and Capstone Projects. 629.
https://griffinshare.fontbonne.edu/all-etds/629