Effective Techniques For Generating Innovative Business Ideas

Importance of Research and Development

The main and most important task of all business entrepreneurs is to generate effective and innovative ideas to promote their business and products in the market. Various techniques have been used by different large and small enterprises such as brain storming, role playing, mind mapping and more. Entrepreneurs use business ideas in order to attract large number of customers and to expand their business (Colin et al. 2015). It should be noted that products consider the lifeblood of the business and every business should develop new products to increase its growth and productivity (Wang et al. 2015). Therefore ideas play an important role in generating new business ideas.  Prior to this while generating business ideas entrepreneur requires to do effective research and development. This would help organization to come up with new ideas and techniques (Fleisher and Bensoussan 2015). The above assignment deals with literature review regarding usefulness of effective ideas in business, methodology, usefulness of techniques and the outcomes. The paper will elucidate on different techniques and ideas of business generation and their usefulness in business organization.

In order to stay ahead in the market, business entrepreneurs come up with different innovative ideas and techniques to launch their products in the market. As per the data, it has been showed that through proper Research and Development, (R&D) new ideas can help to increase organizations productivity and growth. Moreover, there are three important pillars that organization should focus while generating innovative business ideas. Pillar one state that developing a clear market strategy through Knowledge Management that would help to understand the target market (Goffin and Mitchell 2016). The second pillar is the implementation of idea that deals with how organizations innovative ideas. The third and the last pillar is that the business organization should have a proper culture where employees are open to new challenges and focus on customers is the utmost thing.  Every organization whether it is large and small has a separate department that deals with developing innovative ideas and techniques. For instance the role of Marketing Manager is to create innovative strategies for bolstering the growth of company (Gudla et al. 2014). It is important to note that in terms of generating new and innovative ideas, entrepreneurs mainly focus on standard idea generation techniques that deal with the modifying existing ideas and adopting it accordingly. It also deals with providing tools to develop new ideas that will help to develop new connections (Terho et al. 2017). As per the studies, it has been shown that organizations who adopt new ideas and changes are likely to have higher profit, larger market share as compared to their competitors and also have larger shares of market. In order to generate successful business innovation organization should focus on the needs and satisfaction of customers (Johnson and Lauro 2017). Understanding customer’s needs and demands is a more effective way to filter various ideas that would be beneficial for the business. Prior to this, in case of generating ideas, large companies mainly use the online portal site where the companies share their ideas and involve the internal and external stakeholders for voting and feedbacks, and accordingly they implement the changes. Business organizations can imply variety of ideas generating techniques such as brain storming, action playing and more (Salter et al. 2015). In case of brain storming organization can conduct this in various ways such as creating a small group so that ideas can be shared among the team members and then selecting the beat idea appropriate for the business. However, it should be noted that business organizations that generate new ideas have high competency level in all aspects that will benefit the organizations as well as the customers (Kornish  and Hutchison 2017).

Pillars of Innovation for Business Organizations

The research process mainly deals with the generation of effective business idea techniques and how the ideas are effective for generating successful business strategies for the organization.

In order to conduct the research process, there are two most important ways to collect data that includes primary data collection method and secondary data collection method (Palinkas et al. 2015). In this research proposal, being a Marketing Manager of Innocent Group that deals with drink manufacturers, the researcher has decided to collect data in the form of primary data collection method. The data will be collected through interview with the Management of the Innocent group to find out the amount of resources available, future risk planning strategies, different innovative business ideas and the competitive advantage of the new product that would help to implement ideas to launch a new health drink in the market.

As per this research process, the data will be collected through qualitative data analysis, as there is no requirement to investigate data through statistical analysis. In order to understand the usefulness of effective idea Generation in Innocent Group, qualitative analysis will be the appropriate method.

In order to find the suitable idea generation techniques, numbers of techniques have been analyses that include brain storming, random entry and attribute listing. As per the validation techniques, the researcher will analyse the validity of the outcomes and accordingly will tally the research with secondary methods such as research paper and journals.

The techniques that have been incorporated in the methodology section are applied in real world situation such as business generating techniques are used for start-up business and also for launching of new products in the market. The researcher has interviewed the Management system with the help of audio tape recorder and collected the necessary information required. After collecting data the researcher has divided the ideas into similar and dissimilar list. Furthermore, by applying the brainstorming process in the Innocent Group, the researcher has listed all the important ideas and also analysed if any organization has applied the ideas to increase the market share. Finally after evaluating all the ideas, the researcher has selected a particular idea that can be advantageous in launching of new product in the market. The idea generated is that launching of new health drink in the market will drive significant discounts on the product. Accordingly by evaluating the ideas with the potential customers will help companies to increase their growth. Prior to this as per the validation evidence, the idea has been tallied with secondary journals and articles and it has showed that the ideas implemented by other small organizations have experienced fruitful results.

Standard Idea Generation Techniques

However, it should be noted that with the implication of brainstorming business idea technique, the Innocent Group has incorporated an effective idea with the launch of new product in the market. The idea consist of the new health drink product will drive discounts that will help to target customers from all sections of the society. As per the outcomes, the results are fruitful as the discount strategy has targeted large number of customers from all sections. The new product have driven large profit for the organization and with the help of advanced technology, product was also sold online, thus generated greater revenues. This would help the Innocent group to expand their market share and would also increase their resources and reduces market risk.

However, the idea has generated positive outcomes, but there are certain areas where the Innocent Group needs to incorporate some improvements. Being the organization small, it does not have strong customer loyalty; therefore the organization should focus to provide better services to increase their customer loyalty (McIvor 2016). Prior to that, they should increase social media marketing to attract more customers. Furthermore, in order to reach the larger market, the Innocent Group can use promotional strategies such as advertising to target the lager sections of people (Rawlinson 2017).

Conclusion

From the above research proposal it could be deduced that with the use of effective techniques, small and large scale businesses can generate innovative ideas. Effective idea helps business to increase their profitability and growth, thus helps to expand their market share. However, in the case of the Innocent Group, the Marketing Manager has implemented brainstorming technique and accordingly generated a unique idea prior to the launch of new product in the market. The idea focussed in selling the health drink to all sections of people with major discounts and has experienced positive outcomes such as it has generated greater revenue for the small company and has increased its value in the market. Furthermore, with the help of this idea, the researcher has also analysed the area that requires improvements and accordingly can improve those areas.

References

Colin, M., Yilmaz, S., Daly, S.R., Seifert, C.M. And Gonzalez, R., 2015. What Problem Are We Solving? Encouraging Idea Generation and Effective Team Communication. In Proceedings of the 3rd International Conference for Design Education Researchers (p. 308).

Fleisher, C.S. and Bensoussan, B.E., 2015. Business and competitive analysis: effective application of new and classic methods. FT Press.

Goffin, K. and Mitchell, R., 2016. Innovation Management: Effective Strategy and Implementation. Palgrave Macmillan.

Gudla, R., Bhosle, A.M. and Chandrasekaran, V., SAP SE, 2014. System and method for designing effective business policies via business rules analysis. U.S. Patent 8,731,983.

Johnson, B.R. and D’Lauro, C.J., 2017. After brainstorming, groups select an early generated idea as their best idea. Small Group Research, p.1046496417720285.

Kornish, L.J. and Hutchison?Krupat, J., 2017. Research on idea generation and selection: Implications for management of technology. Production and Operations Management, 26(4), pp.633-651.

McIvor, R., 2016. An analysis of the application of process improvement techniques in business process outsourcing. International Journal of Quality & Reliability Management, 33(3), pp.321-343.

Palinkas, L.A., Horwitz, S.M., Green, C.A., Wisdom, J.P., Duan, N. and Hoagwood, K., 2015. Purposeful sampling for qualitative data collection and analysis in mixed method implementation research. Administration and Policy in Mental Health and Mental Health Services Research, 42(5), pp.533-544.

Rawlinson, J.G., 2017. Creative thinking and brainstorming. Routledge.

Salter, A., Wal, A.L., Criscuolo, P. and Alexy, O., 2015. Open for ideation: Individual?level openness and idea generation in R&D. Journal of Product Innovation Management, 32(4), pp.488-504.

Terho, H., Eggert, A., Ulaga, W., Haas, A. and Böhm, E., 2017. Selling Value in Business Markets: Individual and Organizational Factors for Turning the Idea into Action. Industrial Marketing Management, 66, pp.42-55.

Wang, X., Schneider, C. and Valacich, J.S., 2015. Enhancing creativity in group collaboration: How performance targets and feedback shape perceptions and idea generation performance. Computers in Human Behavior, 42, pp.187-195.

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