Sources of New Product/Service

• Consumer

  • Monitor potential ideas and needs from customers and formally arrange for consumers to express their opinions.
• Existing Products and Services

  • Analysis of products and services uncovers ways to improve offerings that may result in a new product or service.
• Distribution Channels

  • Channel members can help suggest and market new products.
• Government (Patent Office)

  • Files of the Patent Office can suggest new product possibilities. New product ideas can come in response to government regulations.
• Research and Development

  • Conduct research on your market and your customer needs. This results in the development and identification of new and improved products and services.