Idea Generation for New Product Development: Sources and Extraction Strategie

It is essential for manufacturers of consumer and industrial goods to continuously develop innovative new products in order to maintain a healthy growth environment and market viability. Innovation is by virtue ideas. This paper first presents various sources of ideas categorized as internal and external. The report then progresses into a presentation of various methods to extract ideas internally and externally. Information presented is obtained from various sources such as professional journals and text books. As a supplement to the report, there are two interviews conducted with various companies regarding the practice of idea generation