Question

Outside of the Twitter example that’s given in the book, please describe at least two ways the company you are profiling for your final marketing plan can promote internal idea sources for new product development. Consider in your examples the cost of the ideas you’re proposing and the relative size of the company you’re profiling.

Answer 1

Two ways in which a company can promote internal idea sources for new product development are:

• The company can give dedicated concept time to the employees every day. During this time, the employees can think about innovative ways in which a product development can get facilitated. The concept time gives the employees to work on their ideas and concepts and come up with innovative product plans. Employees coming up with innovative ideas must be felicitated and rewarded by the company. The overall cost of this idea will pertain to the man hour cost of the company for 1 hour per employee.
• The company can keep acquiring path breaking start-ups and companies which will evolve the overall knowledge base of the company. The competencies of the acquired company can be combined with the technical skills of the parent company, so as to facilitate innovative product development. The icost of this idea will pertain to the acquisition cost of the new company.