What Are the Major External Sources of New Product Ideas

question 26

Essay

What are the major external sources of new product ideas? What type of information can be gathered from each of these sources? How do firms benefit from such information?

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Definitions:

Median

An average of a group of values, computed by arranging the numbers in numerical order and finding the middle number.

Frequency Distribution

A statistical analysis showing the values of a variable and how often they occur.

Data Set

An assembly of interconnected information sets, comprising distinct elements, yet collectively manageable as a single entity by a computer.

Telemarketers

Individuals or companies that market goods or services through telephone calls to potential customers.