Question

Coming up with new product ideas if often a difficult task for businesses. In this practice...

Coming up with new product ideas if often a difficult task for businesses.

In this practice choose a company whose products you are familiar with. What specific sources might you turn to for new product ideas? Assuming the company has a website, how might it be used to interact with the market to generate new product ideas?

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Answer #1

The company that I chose is Cadbury and it manufactures Cadbury Dairy Milk Chocolates. The specific sources of new product ideas that I would prefer are:

  • Customer’s preferences
  • Competitor analysis
  • Distributor’s inputs
  • Marketing and R&D department

Websites can be used to obtain new product ideas:

1. Product reviews- The product reviews and their suggestions for product improvement can lead to generate ideas for new products.

2. E-Commerce Store- Dairy Milk products which has many varieties can be ordered online through ‘E-Commerce Store’ link in their websites, with suggestions about new products would help greatly.

3. Blogs or customer feedback- This section in the website can be used for customer or distributor blogs and their feedback which can be used for new product ideas.

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