How can you generate and select concepts that align with market trends?

In today's competitive and fast-changing market, product innovation is crucial for creating value and satisfying customer needs. However, not every idea is worth pursuing, and not every concept is aligned with market trends. How can you generate and select concepts that match the expectations and preferences of your target audience, as well as the opportunities and threats of your industry? In this article, we will explore some practical steps and tools to help you with the concept development process.

1 Diverge and converge

The first step is to generate a large number of ideas that address the problem or opportunity you have identified. This is the divergent phase, where you want to be creative, open-minded, and diverse in your sources of inspiration. You can use techniques such as brainstorming, mind mapping, SCAMPER, or TRIZ to stimulate your imagination and generate many alternatives. The second step is to narrow down your ideas to a few promising concepts that meet your criteria and objectives. This is the convergent phase, where you want to be critical, analytical, and selective in your evaluation. You can use techniques such as screening, scoring, ranking, or prototyping to test and compare your concepts and eliminate the weak ones.

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Felicia Theodorus 张雯诗

Writer | Marketer | Storyteller of Business & Culture
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Generating and selecting concepts that align with market trends involves a mix of research, creativity, and strategic decision-making. 1. Market Research 2. Brainstorming and Ideation 3. Customer-Centric Approach 4. Prototype and Test 5. Evaluation and Selection

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2 Research market trends

The third step is to research the market trends that are relevant to your product domain and target segment. Market trends are the patterns, changes, and shifts in consumer behavior, preferences, needs, expectations, and values that affect the demand and success of your product. You need to understand the market trends to ensure that your concepts are aligned with the current and future needs of your customers, as well as the competitive and environmental factors that influence your industry. You can use techniques such as trend analysis, PESTEL analysis, Porter's five forces analysis, or SWOT analysis to identify and analyze the market trends that affect your product.

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Ronan Massez

LatAm Regional MKT | Marketing passionate | Digital transformation & Innovation enthusiast | Professor TEC de Monterrey | Keynote speaker | Proud Dad and human after all
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Do your research! You have to read a lot, be curious and open-minded! A lot of trends don't have to come from your markets only but also from more general inputs. What is happening this specific generation? What are the thoughts of the general populations regarding that topic? Look for what in the society from a general perspective!

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Jorge Martinez

Co-Founder Nodo Terra (Specialty Coffee) , Political Scientist, Lawyer, AI enthusiastic
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Para generar conceptos alineados con las tendencias de mercado, inicio con una investigación exhaustiva. Identifico tendencias emergentes mediante análisis de big data y estudios de mercado. Realizo benchmarking para comprender el panorama competitivo. Facilito sesiones de lluvia de ideas inclusivas y filtro conceptos por viabilidad técnica y económica. Pruebo ideas a pequeña escala, ajustándolas según la retroalimentación. La agilidad en la investigación y la adaptación constante son claves. #InvestigaciónDeMercado #Innovación #TendenciasDeMercado

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3 Validate concepts with customers

The fourth step is to validate your concepts with your customers and get their feedback and opinions. This is a crucial step to ensure that your concepts are not only feasible and desirable from your perspective, but also viable and acceptable from your customers' perspective. You need to test your concepts with real or potential customers who represent your target segment and have the problem or need that your product aims to solve or satisfy. You can use techniques such as surveys, interviews, focus groups, or user testing to collect and analyze customer feedback and opinions.

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Pia Kiviranta

Tech and Business meets Modern Digital Marketing | Building Brand Awareness | Development Engineer Rockin' Marketing, Branding and Comms | MSc & MBA
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Concept ideas should be created to meet customer needs and solve their existing problems. This means information is vital and critical before creating anything.

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4 Adapt concepts to market trends

The fifth step is to adapt your concepts to the market trends that you have researched and validated. This is the final step to refine and improve your concepts and make them more relevant, attractive, and competitive in the market. You need to consider how your concepts can leverage the opportunities and strengths of the market trends, as well as how they can overcome or avoid the threats and weaknesses of the market trends. You can use techniques such as feature prioritization, value proposition design, or business model canvas to adapt your concepts to the market trends.

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5 Iterate and improve

The concept development process is not a linear or one-time activity, but rather an iterative and ongoing process that requires constant improvement and adjustment. You need to repeat the steps of generating, selecting, researching, validating, and adapting concepts until you reach a satisfactory level of fit and alignment with the market trends and customer needs. You also need to monitor and anticipate the changes and dynamics of the market trends and customer feedback, and be ready to modify or pivot your concepts accordingly. You can use techniques such as agile development, lean startup, or design thinking to iterate and improve your concepts in response to the market trends.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Mikas Agarwal

Marketing Strategist | Porsche Enthusiast | UofT Marketing
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I'd like to emphasize the importance of understanding and engaging with the younger generation. This demographic is pivotal for several reasons: Future Influence: The younger generation is set to become future corporate leaders, influencing market trends. Tech Savvy: Their advanced use of technology offers unique, innovative perspectives. Early Adoption: As early adopters, they're indicators of emerging trends. Understanding the younger generation's behavior and preferences is crucial for generating concepts aligned with evolving market trends.

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Nick Suffredin

Global Research & Development Executive | Futurist | Strategic Thinker | Team Architect | Creative Visionary | Innovator
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Innovation thrives within constraints, transforming challenges into catalysts for success. Rather than hindrances, constraints serve as strategic guides, offering real-time feedback and a methodical problem-solving approach, akin to a scientist isolating variables. Constraints, essential for success, simplify decision-making, turning challenges into opportunities. Recognizing constraints as allies unlocks accelerated innovation, steering endeavors towards strategic decision-making and focused initiatives. In these constraints, true innovation flourishes, pushing boundaries and paving the way for enduring success.

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How can you generate and select concepts that align with market trends?

1

2

3

4

5

6

1 Diverge and converge

2 Research market trends

3 Validate concepts with customers

4 Adapt concepts to market trends

5 Iterate and improve

6 Here’s what else to consider

Product Innovation

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How can you generate and select concepts that align with market trends?

1

2

3

4

5

6

1 Diverge and converge

2 Research market trends

3 Validate concepts with customers

4 Adapt concepts to market trends

5 Iterate and improve

6 Here’s what else to consider

Product Innovation

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