Idea generation and idea screening
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This document discusses idea generation and screening. It defines an idea and lists the components of a great idea. Idea generation is described as a knowledgeable, creative, and systematic process that develops from consumer and market knowledge to create new products and marketing approaches. Various idea generation methods like chance encounters, competitor analysis, and brainstorming are covered. The document also discusses idea shaping tools, screening criteria, risks in screening, and provides two options for screening ideas. The conclusion emphasizes that idea generation and screening help systematically develop product ideas to satisfy business strategies.
Idea generation and idea screening
- 1. IDEA GENERATION AND IDEA SCREENING
- 2. GROUP MEMBERS RITESH NAIR MBAAVI014004 SHIVKUMAR VISHWAKARMA MBACORE014166
- 3. CONTENTS What does Idea Means ? Components of Idea Idea Generation How are Ideas shaped ? Idea Shaping Tools Idea Screening The question to look for ? Risk in screening Screening Options Conclusion
- 4. WHAT DOES IDEA MEANS ? “Idea is Before any copy is written or artwork began”. • This process is called conceptualization. • According to Bernbach, “The idea often emerges from the intangible , indefinable intuition that reaches out towards what is new”.
- 5. COMPONENTS OF A GREAT IDEA Demand People must want it €conomics It must make a profit Qualified Plan For sustainability
- 6. IDEA GENERATION “Think openly and let your imagination ruin yourself”. Idea generation is knowledgeable, creative and systematic. It develops from knowledge of the consumer, the market, the technology and the general environment, and it creates newness in product, production and marketing.
- 7. HOW ARE IDEAS SHAPED? There are number of methods by which we can get ‘big idea’: 1. Chance encounter: A creative writer, while studying the project or brief, can suddenly get an inspiration and hit upon the idea. For example: For a beer company, a copywriter insisted that he wanted to see the process on the shop floor. While on the floor he saw that before the beer is filled into bottles, each bottle was vacuum-cleaned. And he hit on this ‘big idea’. The campaign said, ‘Our bottels are vacuum cleaned’.
- 8. IDEA SHAPING TOOLS The company was first to exploit idea, although vacuum cleaning is the mandatory process for all companies. 2. Competitor’s Advertising Appeal: Many times, the brand was in the marketplace give rise to ideas that could be rejoinders to a competitor’s advertisement. For example: Coke’s punch line “ Coke, the official drink” was coke’s slogan for WILLS WORLD CUP cricket series in 1996; whereas Pepsi’s slogan “ Nothing official about it, Enjoy Pepsi”.
- 9. IDEA SHAPING TOOLS 3. Brainstorming :- Brainstorming is a group or individual creativity technique by which efforts are made to find a conclusion for a specific problem by gathering a list of ideas spontaneously contributed by its member. • It is introduced in 1989 by Osborn, an advertising professional working in advertising agency. The technique is now widely used by the corporate, the govt. and armed forces.
- 12. IDEA SCREENING It is a process which is used to evaluate innovative product ideas, strategies and marketing trends. Idea screening criteria are used to determine compatibility with overall business objectives and whether the idea would offer a viable ROI. The main objective of Idea screening is to eliminate unsound concepts prior to devoting resources to them.
- 13. THE QUESTION TO LOOK FOR ? Will the customer in the target market benefit from the product? What is the size and growth forecasts of the market segment/ target market? What are the industry sales and market trends the product idea is based on? Is it technically feasible to manufacture the product? Will the product be profitable at the target price?
- 14. RISK IN SCREENING Dropping ideas too early means missed opportunities. Developing the ‘wrong’ ideas means wasted resources, in terms of time and financial investment, and may put the activities in your current portfolio at risk.
- 15. SCREENING OPTIONS OPTION 1 Give the attributes an important score from 1-10 (10=most important) Rate each idea from 1-10 (10=good score) The ideas with the highest scores are chosen.
- 16. SCREENING OPTIONS OPTION 2 Define outcomes and rate them for profitability and importance. Give each idea a score on probability for the outcome, and importance if it happens. The ideas with the highest scores are selected.
- 17. CONCLUSION Idea generation is knowledgeable, creative and systematic. It develops from knowledge of the consumer, the market, the technology and the general environment, and it creates newness in product, production and marketing. It systematically develops product ideas to satisfy the aim of the project and therefore the business strategy. In screening, the many ideas are reduced to smaller numbers and eventually to the one product concept, prototype product, processing method and advertising plan. The screening begins qualitatively and gradually develops, as more information is obtained, to a quantitative evaluation of the predicted outcomes for the product, production, market and finance