God created the human brain with an innate ability to see, analyze and create innovative ideas. Basically, creativity is a peculiar way of thinking which unleashes the limitless human imagination and enables us to think beyond the possibilities.

The human mind thinks of countless possibilities, yet only a few of them have the potential to turn into good product ideas.

Nowadays, companies have multiple internal and external methods and tools to pinpoint potential product ideas by evaluating marketing dynamics.

SWOT analysis may highlight the plus points in existing marketing products and services which may lay the foundation for new products. Analysis of market dynamics and customer-based studies might assist companies to recognize their prevailing trends among customers.

Similarly, competitive statistical analysis of the market’s products may identify some deficiencies which might shatter the company’s repute in the market.
Sometimes, newly generated products may fail in achieving the projected marketing goals.

But they may prove beneficial later for the company by addressing un-intended market requirements. An excellent example of this miraculous happening is Dr. Spencer Silver, a well-known scientist at 3M.

Dr. Silver’s multiple failed attempts to create a super-strong adhesive eventually led him to design Post-It Notes. The trick behind generating innovative ideas is the awareness of the fact that not all ideas have the potential to turn into market products.

Idea screening is the second crucial step in the course of product development. Multiple marketing ideas regarding the product are usually transferred to the R&D department of a company.

At this stage, no one knows about the strong points, weak points, or future outcomes of the product that is going to launch in the market. Ideas that have the potential to cope with the company’s future goals are selected while others are rejected.

This selection stage is very important because the marketing future of a company depends upon this selection. The selection of the least potential idea will lead to wastage of money, time, effort and ultimately results in marketing failure.

Another worst scenario is the failure of selecting a potential product idea that has the potential of fulfilling a market window in the future.

Both scenarios can deprive a company to get maximum output and eventually lead to the company’s failure.

For this selection stage, a criterion is developed which consists of different marketing attributes. Ideas presented to the selection committee will be evaluated based on this criterion.

Ideas with maximum final score get selected for further development while low final score ideas get rejected by the selection committee.

Many companies nowadays prefer to do simulation studies by running a pilot test project with the implementation of real marketing dynamics.

For these simulation studies, firstly a product concept is developed so that a prototype can be produced.

The precise and comprehensive product concept will allow the company to get more accurate simulation results.

These obtained results then will be used to address the next phase attributes like marketing mix, business analysis, etc.

Different marketing tools and technology are available now for the creation of a prototype after following the product concept descriptions. Simulation studies with the prototype will enable the company to get more authentic results after testing with potential buyers in the future.

These prototype simulation studies prevent the company to invest time and money in useless ideas. Only good product ideas with fruitful outcomes will undergo further developmental stages.