RAMOS, PATRICIA ANNE N.

BSBA MM 3-2D

CHAPTER TEST III

1. What are the two sources of product ideas in the NPD process

Idea generation plays a vital role in determining the success of your

business. In this stage, a business determines what product or service could
solve a problem that could help them establish a stronger reputation and
foundation in the industry. Ideas should be thoroughly thought, researched,
and funneled. In relation to that, product ideas could be gathered from the
internal and external sources.

Whereas, if an idea is gathered from the Research and Development

Team, Technical Department, Engineers within a business, collaboration with
other companies, and brainstorming— the collection of product ideas are
considered to be from an Internal Source. In which, this means that any idea
generated within a firm’s organization that includes all employees as well as
ideas from a collaboration with other companies are deemed to be Internal
sources of idea generation. For instance, a simple brainstorming during a
business meeting is considered to be an Internal source of idea; since the
ideas came from the minds of the firm’s employees and will be vital in
formulating a product and aiming to solve a problem of the market.

On the other hand, any ideas that are extracted from the company’s
competitors, customers, distributors, as well as inventors and universities that
are a source of new product ideas are considered to be from an External
Source. Ideas that are extracted in the external source only mean one thing,
which is, ideas are gathered outside the firm. For instance, the Marketing
students of the PUP are tasked to generate a product idea as a requirement
on their Product Management subject. If the student’s idea is deemed to be
feasible, unique and could play a vital change in the lifestyle or problems of
the market, a business that is related to the generated product idea of the
student will gather more information and show interest in the idea of the
student. With this, the business will already have an idea based on the
information and data gathered from the external sources.

2. Do you think brainstorming is effective during the NPD process? Why?

Yes. As we all know, brainstorming is a process of sharing ideas or

thoughts to offer a solution to an existing problem. In relation to that,
brainstorming in developing a new product plays a crucial role in the success
of the said process. Brainstorming enables and encourages the employees of
a firm to confidently voice out their ideas and thoughts. This type of internal
 source empowers the employee’s confidence and promotes a stronger
relationship within the firm’s organization. It is deemed to be effective in the
NPD process since you have no limitations and control to whatever idea will
be suggested— no right or wrong idea. With the limitless scope and capability
of human’s mind, brainstorming has and will always be helpful in generating a
new product and solving a problem. Numerous ideas could be extracted from
a team of employees, with that, continuous brainstorming and research is
often being performed in order to funnel what idea will be considered as
exceptional among the ideas generated. Also, brainstorming promotes healthy
communication in the firm which will also be helpful in establishing stronger
relationships with your colleagues which means high productivity due to the
healthy workplace.

Aside from that, the continuous development in the digital world

enabled a business to conduct a virtual brainstorming. Whereas, they could
now enjoy communicating and sharing ideas from different locations through
the online meeting platform apps like Zoom, Google Meet, etc. In this
platform, employees could share their ideas as well as create a visualization
of their ideas with the use of whiteboards in the app.

3. List down the significant aspects of conducting business analysis before or

during the product development process NPD

Before launching a new product in the market, a firm should be able to

conduct a thorough analysis of the business as well as the market. Since the
data that will be used in the analysis could be a determinant for the success of
the new product launching.

Conducting a business analysis before launching a new product to the

market involves analysis of the available financial data, exploring techniques
that will help the firm project possible financial potential of the product,
projection of basic financial concept, and deciding whether continuing with the
new product launch would be beneficial to the firm. These aspects should
always be considered and analyzed before taking a step to designing the
product. It is crucial for a business to have a financial projection in the new
product that will be launched in order to minimize the risk and successfully
make a profit out of the new product launched. Also, an accurate projection
would also be a determinant whether a business will continue with the new
product launching if it will be proven beneficial to the company or not.

Furthermore, business analysis shouldn’t be only done before a new

product launching. It should also be done during the new product launching.
Why? It is because factual financial data and concepts are already available
to analyze and make an accurate conclusion. For instance, when a new
product is launched in the market, you’ll be able to closely monitor the
 demand, sales, revenue and profit that the new product will receive. With this,
improvements could be imposed if there are any problems that may arise
during the launching. Also, you could monitor the trend of your product within
a week or so.

4. How important is product design towards product acceptance in the market?

Frankly, product design is also one determinant of success of a

business’ product. As to what it is being referred to as K-pop— visual. The
product’s design serves as a visual and representation of your brand. This is
what most people are attracted to and what they check out first. Hence, a
product design shouldn’t be rushed, instead, it should be able to represent
your product as well as your business’ brand. In addition, the packaging of
your product (as to what I refer to as visual) should also show vital information
that is being checked by a consumer. Therefore, product design plays a vital
role in product acceptance in the market. This is why a product design should
be eye-enticing and creative enough to head turn customers.

5. Which among the things discussed in Chapter -3 you related the most? Why?
As a person who is fond of using art related digital apps like Adobe
Illustrator, Photoshop, and Canva; Product Design is what interests me the
most. As I said earlier, Product Design serves as a visual of a company’s
brand and product which is similar to K-pop, wherein aside from music, the
main visuals of the group often converts listeners into fans. If a business firm
succeeds in creating a head turner product design, the business would also
be able to turn customers into consumers and beneficiaries of the product.
This is very timely because when I created a K-pop photocard holder and
keyrings, I invested my time in researching various elements that would add
sparks to my design as well as how I would exceed the satisfaction and
expectation of my buyers to the products that they purchased from me. Which
is why, I thoroughly think about how I should present my products and pack
them safely to ensure that my buyers would receive them in good condition.

Aside from the product design is the business analysis, wherein in

relation to my previous example (selling K-pop keyrings), before selling my
product directly to the market, I always ensure that I conducted or posted an
interest check in my BNS (K-pop buy and sell) account in order to determine
whether a lot of people will purchase my product if I’ll sell it in the future or
not. Also, aside from the interest check, I analyze the initial launching quantity
quota, expected sales, expenses, marketing (gcash giveaway for those who
will retweet my post of selling the product), and projected profit.
6. Takeaways / learnings from the discussion from product initial concept to
design and development
Every stage in the new product development process has its own
strength to showcase. A company will not be able to reach the product design
and development without the hardwork and dedication of its employees. From
generating an idea for a new product, the company’s employees are always
present in every stage. It is vital to perform these stages accordingly to ensure
efficient flow of task and workload to successfully reach the commercialization
of the product. If one stage were to be removed, the success of launching a
new product couldn’t be assured. Since every stage works hand in hand,
performing tasks in every stage should be accordingly accomplished to
ensure that there would be no problem in the next stage. A continuous
brainstorming and research should also be conducted in every stage to
successfully commercialize the new product.