Continuation of

Chapter 4:
Preparation and alternatives
Jimmy Villanueva
BSBA 4/blk.2
Sources of readymade new product
concepts

Information from Costumer

In sales, commerce, and economics, a customer is the recipient of a
good, service, product or an idea obtained from a seller, vendor, or
supplier via a financial transaction or exchange for money or some
other valuable consideration.
Information from Distributor
Distribution is the process of making a product or service
available for the consumer or business user who needs it. This
can be done directly by the producer or service provider or using
indirect channels with distributors or intermediaries.

Competitor Analysis
A competitor analysis, also referred to as a competitive analysis,
is the process of identifying competitors in your industry and
researching their different marketing strategies. You can use this
information as a point of comparison to identify your company's
strengths and weaknesses relative to each competitor.
Exhibition
An event at which objects such as paintings are shown to the public,
a situation in which someone shows a particular skill or quality to
the public, or the act of showing these things: The photographs will
be on exhibition until the end of the month. There's a new
exhibition of sculpture on at the city gallery.

Publication
In addition, publications are published daily, weekly, monthly,
quarterly or annually, but journals are usually not published on a
daily or weekly basis.
Lead Users
Lead Users are referred to as people who deal intensively with a
problem in a special scope for which there is no suitable solution
existing on the market. The term is used both for business and
private customers. Lead users are a very important source of
innovative progress because they often pioneer - acting earlier than
producers to develop important new types of products and
applications. Being innovation pioneers benefits lead users because
they innovate to serve their own needs.
Open Innovation
The term open innovation means a situation where an
organisation doesn’t just rely on their own internal knowledge,
sources and resources (such as their own staff or R&D for
example) for innovation (of products, services, business models,
processes etc.) but also uses multiple external sources (such as
customer feedback, published patents, competitors, external
agencies, the public etc.) to drive innovation.
There are two types of open innovation
1. Inbound open innovation
2. Outbound open innovation
Inbound open innovation
Inbound innovation is about sourcing and acquiring expertise from
outside the organisation, and scanning the external environment for
new information to identify, select, utilise and internalise ideas.
Outbound open innovation
Outbound innovation is the purposive commercialisation and
capture of internally developed ideas in the organisation’s external
environment. This might be through selective revealing of a product
to journalists and reviewers or selectively selling the technology or
service to customers with a view to getting feedback.