Nicholas Graham's colorful boxer shorts marketing campaign for Virgin Air

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 above. 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 also include a definition of a target demographic and lifestyle, as well as translate the company mission into an annual objective and explain both how the new goals will be implemented and how new production will be introduced.

2. Screening new products against company sales and profitability minimums in order to see profitability for the new product and set the right pricing structure.

3. Screening a new product concept with target demographic and obtain input for better product marketing ideas.

As one can see from the points referenced above, there are many tasks to consider when introducing anew product, which also stresses the importance of new product concepts, for they can always bring in revenue, a new demographic and generally, more and better success.

Another reason for the importance of new product concepts is to keep the company "young." For instance, many companies are now modernizing in utilizing technology in many ways to appeal to different buyers. Nike, for instance, modernizes the ways shoes or other sports apparel fits and wears.