Introduction
Concept development is a critical stage in the product development process. It involves generating and evaluating ideas for new products or services. This practice page provides answers to the exercises in Chapter 6, Section 2 of your textbook on concept development.
Exercise 1: Generate Concepts
a. New Product Concept
- A wearable device that tracks sleep patterns and provides personalized sleep recommendations.
- A self-cleaning oven that uses steam technology to eliminate the need for manual scrubbing.
- A virtual reality headset that allows users to experience immersive simulations of different environments.
b. New Service Concept
- A subscription-based service that provides personalized meal plans and cooking instructions.
- A mobile app that connects pet owners with local veterinary services and pet care providers.
- A community website that facilitates networking and collaboration among professionals in a specific field.
c. Line Extension Concept
- A new flavor of a popular soft drink, offering a refreshing and innovative taste.
- A premium version of an existing smartphone, featuring upgraded features and a sleek design.
- A travel-sized version of a well-established skin care product, providing convenience and accessibility.
Exercise 2: Evaluate Concepts
a. Screening Criteria
- Market potential: The size and growth prospects of the target market.
- Competitive advantage: The uniqueness and differentiation of the concept compared to competitors.
- Feasibility: The technical and financial resources required to bring the concept to market.
b. Screening Matrix
| Concept | Market Potential | Competitive Advantage | Feasibility |
|---|---|---|---|
| Wearable sleep tracker | High | Medium | Medium |
| Self-cleaning oven | Medium | High | Low |
| VR headset | Low | High | High |
Exercise 3: Develop and Refine Concepts
a. Concept Statement
The Wearable Sleep Tracker is a wearable device that empowers users to optimize their sleep experience through personalized insights and recommendations.
b. Concept Sketch
[Insert sketch of a wearable device with a sleek design and a small, unobtrusive display]
c. Key Benefits
- Improved sleep quality through personalized recommendations.
- Enhanced understanding of sleep patterns and habits.
- Convenient and non-invasive tracking technology.
Exercise 4: Test Concepts
a. Concept Testing Methods
- Focus groups: Gather feedback from a small group of potential customers.
- Market surveys: Conduct online or in-person surveys to gauge interest and demand.
- A/B testing: Run experiments with different versions of the concept to determine the most effective.
b. Key Metrics
- Concept awareness: The percentage of respondents who are familiar with the concept.
- Purchase intent: The likelihood that respondents would purchase the product or service.
- Customer satisfaction: The level of satisfaction expressed by respondents who have experienced a prototype or test version.
Common Mistakes to Avoid
- Insufficient market research: Failing to conduct thorough market analysis and understand customer needs can lead to concepts that miss the mark.
- Lack of differentiation: Developing concepts that are similar to existing products or services can make it difficult to gain market traction.
- Unrealistic feasibility: Overestimating the technical or financial resources required to bring the concept to market can result in delays and setbacks.
- Failure to validate assumptions: Assuming customer interest without validating it through testing can lead to wasted time and effort.
- Sticking to the first idea: Not exploring multiple concepts and being open to feedback can limit the potential for breakthrough innovations.
Additional Tips for Generating Ideas
- Use a “T-shaped” approach: Combine deep knowledge in one area with a broad understanding of other fields to identify potential synergies.
- Think outside the box: Challenge conventional assumptions and explore unusual or unexpected combinations.
- Involve diverse perspectives: Gather input from people with different backgrounds, experiences, and perspectives to stimulate creativity.
- Conduct inspiration audits: Review industry trends, competitor products, and emerging technologies to identify potential innovation opportunities.
- Generate “fanciful” ideas: Allow yourself to experiment with wild and impractical ideas, which can later be refined and adapted to create viable concepts.
