Developing a framework to identify new market ventures, generate and select new product ideas

Abstract

This paper aims to develop a framework to identify new market ventures, generate and select new product ideas. The framework is designed to address the gap between the execution of growth strategy and new product development stages, which raised two critical questions: which new market to venture into and what new product to develop. Relevant literatures and frameworks were examined and assessed. The framework was developed and consisted of five main stages. This paper highlights how firms and organizations can apply this framework successfully as an instrument to help organizations discover the right new markets to venture into, create new product ideas and select the best ideas for new products. The contribution of this paper lies in the development of both S-G-E-T-D framework, which offers a guide for organizations, to understand the right process in offering their new products . The framework will be helpful for the organizations to move forward.