Offering a Conceptual Framework for Selecting Innovative and New Product Ideas

In modern life, uncertainty situations govern all industries. In today`s life, price changes of essential goods, changes in exchange rate as well as stock price, and generally current economic changes all around the world are the cases by which all organizations are involved with. Exploring new and innovative product opportunities involves the generation, development, and selection of the best ideas for new products. The fundamental steps include understanding the needs for new products, discovering existing and potential sources of ideas, describing internal and external requirements, and assessing the opportunities. The steps include reflecting on goals and priorities, examining guidelines, evaluating ideas of new product, and selecting candidates for further development. This paper presents a conceptual framework for selecting the best ideas of innovative products. The model represents a framework that is built upon understanding customer needs, determining the critical market-segment requirements and a profile of the target customers, stakeholder assessment and analyzing their goals and strategies, supply-networks management, competition analysis, infrastructure analysis, and ranking of new product ideas.