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Creativity
New Product Concepts:
The Importance of Creativity
New product concepts are vital to the functioning of a successful enterprise. All businesses must, no matter what field they are in, innovate at some point, and this often utilizes creativity. For this reason, there are many advertisements and marketing strategies that will enable a consumer to both know and want the "new product." For instance, Nicholas Graham introduced colorful designs on boxer shorts. This was both innovative and creative at a time when nobody saw these shorts except for the men who wore them and perhaps their views, both of who did not much care about how they looked. These designs, however, were very popular and have brought great revenue to the companies that have utilized them, further stressing the need for innovation and creativity explored...
This paper will therefore comment on the importance and necessity of new product concepts in light of this example in the subsequent paragraphs.
First of all, it must be stated that there are may ways to achieve a new product concept, yet one must first and foremost evaluate risks against all other odds. For instance, though one may think such a concept may be successful and may wish to immediately enact it in order to raise revenue, one must stop and think about the following steps as well, and formulate a checklist to ensure that, indeed the concept will be successful. These steps include:
1. Screening concepts against a company's current marketing strategies to stress company focus and enable best use of scarce resources, as well as to eventually successfully introduce the new product. This first step must…
Ideas referenced from: New Product Concept Screening (n.a.). (2011). Business Owner's Toolkit. Retrieved October 26, from < http://www.toolkit.com/small_business_guide/sbg.aspx?nid=P03_4025>.
About Us (Nike History) (n.a.). (2011). Nike Website. Retrieved October 26, from
Product Development (n.a.). (2011). Business Encyclopedia. Retrieved October 26, from < http://www.referenceforbusiness.com/small/Op-Qu/Product-Development.html>.
The Power Frappuccino was however not introduced directly in all markets, but was first of all tested in different representative markets for a reaction from the customers. We can see from this example that the two main sources for new product ideas worked closely together before this product was introduced. Another product that was tested during the late 1990s was the Chai Tea Latte, combining black tea, exotic spices, honey
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