Posted: April 1st, 2016

How does one generate new product concepts?

How does one generate new product concepts? Is it done through internal research and development activities? Can it be accomplished by surveying the customers? Is it a combination of both or are there other alternatives available to generate new product concepts?

How does one weigh the relative importance of each element of the Four P s to maximize revenue and return on investment and what if anything determines if one element is favored more than another when allocating resources? For example does one place more emphasis on price instead of the other three P s?