idea development chapter 7

Design thinking process

Clarify - gain an understanding of users issues through observation feedback and market analysis

Ideate - teams work together brainstorming to come up with solutions with no judgement

Develop - take promising ideas and turn to prototypes to see how solutions function in reality

Implement - prototypes test with real user feedback take feedback into account to refine prototype before releasing to public

Feasibility study

Helps determine whether idea is practical profitable and worth investing

Importance of feasibility study

Reduces risk - prevents launching a product with no demand avoiding wasted time and investment

Saves resources - ensures business does not commit to an idea it cannot deliver which saves time and money

Reasoned for feasibility studies

Legal feasibility- make sure they are compliant with all laws and don’t break copyright laws and employee legislation

Production feasibility - needs to determine if it’s possible for them to produce do they have equipment and existing staff

Market feasibility - need to carry out market research to identify level of demand for product( size of target market) and find info on competitors

Source of business ideas

Brainstorming sessions - all employees of a business come together to come up with new innovative ideas

Intreprenurship - can be anonymous through idea suggestion box, good ideas can be rewarded

Copying competitors - monitor competitors to compete create new products similar to their best ideas without breaking copyright laws

Market trends and consumer data - social media show latest trends in real time, technology provide large amount of data to analyse customer preferences