THE CREATION OF THE BASIC PRODUCT IDEA

THE CREATION OF THE BASIC PRODUCT IDEA

THE CREATION OF THE BASIC PRODUCT IDEA

Throughout this webpage we have discussed product innovation as distinct from product invention. One seldom encounters a completely original product idea. The vast majority of new products are adaptations of what has gone before.

If one takes an existing product and examines it carefully, it is often possible to think of improvements or adaptations which might increase its utility or enhance its appearance. A study of the use to which an existing product is put may result in the discovery of hitherto undetected consumer needs not fully met by other products on the market. Thus an old product in a novel guise may be introduced to a newly found market.

Many of the apparently new products introduced during the last decade or so are really little more than updated versions of goods (and services) which previously were associated only with the limited quality markets. The greatly increased living standards of the mass of the people has meant that entirely new markets have opened up for popular versions of what were once very exclusive product lines. WE am speaking not only of merchandise. One must not forget innovation in the ONLINE MARKETING of services. This is a field which has grown enormously in recent years-particularly in Britain-as increasing numbers of people can afford to spend more of their leisure hours outside their homes. One of the results of this change in social habits has been a notable expansion of the entertainment and catering industries.




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