How to generate ideas for a new market segment


Assignment:

Your supervisor holds a meeting one afternoon to acknowledge that the current company you work for, Construction Consultants, Inc. (CCI), needs to consider some new ideas for extending some of the current services it offers. The core business manages short- and long-term projects for small and large companies. Business is a bit sluggish because many companies have cut back on various projects because of a slowdown in the housing market. One specialty of CCI is following the project from idea blueprints to the final building structure and hiring the various contractors needed in the development of a residential home or commercial business building. The group has come together to spend a day off-site from the company's premises to discuss some new ideas for building the business. As lead project manager, you prepare some ideas on how to bring the group together to creatively brainstorming some new service offerings. Your team must come to an agreement upon 1 product you want to overhaul and relaunch next year to be introduced to a new market segment. Once you determine the product, you will develop a team presentation for your new client to show how the existing product can be revamped for next year's product relaunch. An introduction of the existing product, its features, and benefits.

The 1 best creative exercise identified by the group to generate new ideas for the product.

Explain how the exercise works and how it will help generate ideas for a new market segment that fits the new and improved product.

The team process. Explain the general team process you followed. Include 2 rules or guiding principles that the team followed in the creative process to generate new ideas.

The predicted outcome of the team's creative approaches. List 1-2 things that could occur to hinder or enhance creativity in the group setting.

An introduction of the new and improved product, its features, benefits, and new market segment.

A justification of how the creative process matched the outcome: a new and improved product.

Final observations and conclusions. List 2 positives and 2 negatives of the creative process for this particular product.

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Marketing Management: How to generate ideas for a new market segment
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