Some adaptations are limited to updating packaging or marketing approaches or finding new uses for established products.
There are occasions where new products are needed in order to meet new customer needs or address a disruptive market innovation.
When addressing changing market needs and market disruptions it is necessary to find good ideas and then have a process to evaluate and narrow the field to the ideas most likely to succeed.
Generating new product ideas
The first step in generating good ideas that will further develop the markets and expertise that defines the firm is to clearly articulate the job customers are hiring the firm to perform.
Here it is important not to be too restrictive in the focus of the definition. It is probably better for an owner of a baseball team…