Product Concept Definition

Essay by chneohUniversity, Bachelor'sA+, March 2009

download word file, 7 pages 5.0

The Product Concept PhaseAs discussed in Chapter 2, new ideas for new products and services are generated in many different ways in and outside the modern company in the market. Today a more open and collaborative process of accessing innovative ideas and problem solutions is available to companies on the Web in the form of wiki platforms. A wiki is a collaborative Website that can be directly edited by anyone with access to it. This virtual market for new product ideas that is generated by a wiki is called an ideagora, from the Greek word "agora" (marketplace). An ideagora is a global marketplace on the Web where insights and experiences are shared, debated, and refined. Companies get access to a global pool of talent through this system and can access particular partners or suppliers for specific new product initiatives.

Because there are major issues of intellectual property in this open-ended, ideation process, many companies do not want to share their inside ideas on new products and services, and do not trust unknown, "global" partners to act in their corporate interests.

But the process is gaining ground simply because it taps into a wide variety of new product concepts effectively and inexpensively.

Entering the Concept Definition ProcessWherever a new product idea is generated in this ideation process, the product concept phase begins when an idea or new product innovation is documented and initially reviewed by management. If management commits to supporting the definition and evaluation of the concept for possible funding, as part of the project portfolios, it enters the product concept phase.

After a new product concept has been selected from the portfolio for implementation, it is entered by management into the product concept phase and put through a scheduled concept development phase. This is the first test of...