METHODS OF GENERATING NEW IDEAS
Even with the wide variety of sources available, coming
up with an idea to serve as the basis for the new venture can still be a
difficult problem. The entrepreneur can use several methods to help generate
and test new ideas, including focus groups, brain storming and problem
inventory analysis.
Focus groups
Group of individuals providing information in a
structured format is called a focus group. The group of 8 to 14 participants is
simulated by comments form other group members in creatively conceptualizing
and developing new product idea to fulfill a market need.
Brainstorming
A group method of obtaining new ideas and solutions is
called brainstorming. The brainstorming method for generating new ideas is
based on the fact that people can be stimulated to greater creativity by
meeting with others an d participating with organized group experiences.
Although most of the ideas generated from the group have no basis for further
development, often a good idea emerges.
Problem inventory analysis
Problem inventory analysis uses individuals in a manner
that is analogous to focus groups to generate new product ideas. However
instead of generating new ideas themselves, consumers are provided with a list
of problems in a general product category. They are then asked to identify and
discuss products in this category that have the particular problem. This method
is often effective since it is easier to relate known products to suggested
problems and arrive at a new product idea then to generate an entirely new idea
by itself.
CREATIVE PROBLEM SOLVING
Creative problem solving is a method for obtaining new
ideas focusing on the parameters.
Brainstorming
The first technique, brainstorming, is probably the most
well known and widely used for both creative problem solving and idea
generation. It is an unstructured process for generating all possible ideas
about a problem within a limited time frame through the spontaneous
contribution of participants. All ideas, no matter how illogical, must be
recorded, with participants prohibited from criticizing or evaluating during the
brainstorming session.
Reverse brainstorming
Similar to brainstorming, but criticism is allowed and
encouraged as a way to bring out possible problems with the ideas.
Synectics
Synectics is a creative process that forces individuals
to solve problems through one of four analogy mechanisms: personal, direct,
symbolic and fantasy. This forces participants to consciously apply preconscious
mechanisms through the use of analogies in order to solve problems.
Gordon method
Gordon method is a method of developing new ideas when
the individuals are unaware of the problem. In this method the entrepreneur
starts by mentioning a general concept associated with the problem. The group
responds with expressing a number of ideas.
Checklist method
Developing a new idea through a list of related issues is
checklist method of problem solving.
Free association method
Developing a new idea through a chain of word association
is free association method of problem.
Forced relationship
Forced relationship is the process of forcing
relationship among some product combination. It is technique that asks
questions about objects or ideas in an effort to develop a new idea.
Collective notebook method
It is method in which ideas are generated by group
members regularly recording ideas.
Heuristics
It is method of developing a new idea through a thought
process progression.
Scientific method
This is a more structured method of problem solving,
including principles and rules for concept formation, making observations and
experiments, and finally validating the hypothesis.
Value analysis
Value analysis is developing a new idea by evaluating the
worth of aspects of ideas.
Attribute listing
This is an idea finding technique that requires the
entrepreneur to list the attributes of an item or problem and then look at each
from a variety of viewpoints.
Matrix charting
Matrix charting is a systematic method of searching for
new opportunities by listing important elements for the product area along two
axis of chart and then asking questions regarding each of these elements.
Big dream approach
Developing a new idea by thinking about constraints is
big-dream approach of problem solving.
Parameter analysis
Parameter analysis is developing a new idea by focusing
on parameter identification and creative synthesis.
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SEMESTER FALL 2020
Entrepreneurship (MGT602)
Graded Discussion Board
Due Date: December 18, 2020
Marks: 5
Topic: Creativity and business ideas
Learning objectives:
The basic objective of this discussion is to explain the learners about various methods of generating new business ideas.
Learning outcomes:
Students will learn to scale a particular solution identification technique to a specific issue.
Case:
Mark Foods is a frozen food company and has recently launched a new product (vegetable filled roles). The new product is accompanied with consumers’ enlarged expectations i.e. quality, price, taste and affordability. Although there seemed a spike in the sale of the newly launched product, but immediately after 1 month that spike started showing dull and sales volume dipped very down. Although, the new product was launched after the complete research and development, but the company did not get the expected outcome. The marketing department of the company needs immediate identification of the actual underlying problem which has led to such decrease in sales of a highly anticipated product offered by Mark Foods. There are various methods i.e. brainstorming, focus group and problem inventory analysis to identify the complex marketing problems and to offer their solutions.
Which technique (Focus Group or Problem Inventory Analysis) suits best to identify and solve the underlying problem in the above situation?
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