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Techniques to Generate Ideas - Essay Example

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Name: Instructor: Task: Date: Techniques to Generate Ideas An entity’s management has countless tasks. Concept development represents one of their numerous obligations. Concept development allows an organization to expand since it creates new ventures for the entity…
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Techniques to Generate Ideas
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Download file to see previous pages Fundamentally, concept development techniques enable an organization to nurture an idea into a business adventure that an entity can pursue profitably. However, prior to the realization of an idea, it is imperative to appraise it critically (Bluemner). Diverse concept development procedures exist nonetheless, the applicability of the techniques relies on the prevailing circumstances. Consequently, identifying a concept generation methodology for Chocoberry (CB) requires prior knowledge of the entity and its industry. Additionally, prior awareness of the entity’s aspirations is critical. Chocoberry operates in the cuisine industry, which changes rapidly depending on the market trends. Accordingly, research would be an appropriate technique for concept development. Research would enable the management to make a decision based on credible facts that have culminated from studies. Particularly, Chocoberry lacks a diversified product portfolio. Therefore, poor decision-making would terminate in catastrophic results. Research presents a credible procedure to develop concepts (Gorchels 72). Transforming ideas into concept would require research. This would establish the monetary repercussions of the ideas. Additionally, it would ensure the establishment of other facts pertaining to the ideas. The facts would facilitate transformation of the ideas into concepts. The conversion of ideas into concepts follows brainstorming. The management would undertake brainstorming since they bear relevant knowledge on how to expand Chocoberry’s ventures (Bluemner). Research requires expertise hence, individuals vested with the above task ought to bear proficiency in that field. For effective study, Chocoberry would need to outsource the above service. Outsourcing is a viable option since it allows the entity to hire experts that Chocoberry may lack. Additionally, outsourcing would ensure that objectivity in the undertaking of research. Conversely, if Chocoberry’s staff undertakes the research on the concepts it would culminate in skewed findings since the employees would manipulate the study to suit their departments or career objectives. Overall, the research would demand expertise due to technicality and objectivity of the procedure. Though scholars have availed methods to evaluate business opening, it is imperative to concede that the majority of the ideas appraise the financial aspect only. The detail below exemplifies an opposite criterion of evaluating business ideas. Initially, the evaluators should establish the relevance of an idea to Chocoberry’s objectives. Secondly, the evaluator would analyze the financial implication of an idea. Chocoberry aims at boosting its profitability. Subsequently, ideas with negative financial returns are infeasible. Evaluation of the financial implication would adopt methods such as Net present value (NPV). Visibly, managements fail to analyze the operation repercussions of an idea. This aspect would reveal modalities relating to the personnel requirements of implementing the proposed idea. Additionally, it would reveal an idea’s implications on the entity’s efficiency. The three criteria would provide a procedure that analyzes an idea in multifaceted manner. Essentially, this would facilitate grading of the proposals (Allen 32). It is vital to rank ideas since it helps the management to effect well thought out ideas. ...Download file to see next pagesRead More
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