A company’s external sources of new product ideas include its ________.
A) managers
B) salespeople
C) engineers
D) manufacturing staff
E) suppliers
The correct answer and explanation is :
The correct answer is E) suppliers.
Explanation:
External sources of new product ideas refer to the sources outside the company that provide valuable insights or ideas for new products or innovations. Suppliers, in particular, play a critical role in contributing new product ideas. Suppliers often have a deep understanding of the raw materials, technologies, and manufacturing processes that companies rely on. As a result, they are well-positioned to suggest new or improved products based on trends, advancements, or improvements in materials and processes that they are aware of.
Suppliers may also be involved in the innovation process through research and development (R&D) partnerships, where they collaborate with companies to create new product offerings. Their external perspective, based on industry knowledge and global market trends, is crucial for businesses seeking to stay competitive and ahead of the curve in innovation. For example, suppliers may offer insights about new materials that could lead to the creation of lighter, more durable products or suggest alternative production methods that reduce costs and improve product quality.
Other potential sources of new product ideas, such as managers, salespeople, engineers, and manufacturing staff, typically come from within the company. While these internal sources are valuable for product development, external sources like suppliers bring fresh insights, perspectives, and innovations that companies may not have access to without these partnerships.
In sum, suppliers are a key external source of new product ideas because they bring expertise, resources, and innovation from beyond the company’s internal operations, and they can help companies gain a competitive advantage through new and improved products.