Final answer:
New-product ideas can arise from various sources such as R&D initiatives, employee suggestions, supplier insights, and market competition. Research and development plays a pivotal role in technological advances, fostering innovation that can grant a company competitive advantages such as higher profits and market leadership.
Step-by-step explanation:
Most new-product ideas come from various sources including research and development (R&D), competitions, market needs, employees, and suppliers. When brainstorming alternative solutions for new-product development, the widest range of ideas must be considered. This can include looking at existing products, scientific principles, and market competition, which can significantly encourage innovation. Companies invest in R&D with the goal of achieving a competitive advantage, which can lead to higher profits and market leadership. For instance, Samsung benefits from its commitment to innovation by creating products that make it possible for consumers to experience new possibilities with technology.
While competitors can be a source of inspiration, leading to an incentive for innovation, they are not necessarily the primary source of new-product ideas. Ideas can also emanate from direct feedback or suggestion from employees, who understand the company's capabilities and customer needs, or from suppliers, who may have insights into new technologies or materials. However, research and development is crucial for technological advances and for creating products with new features that meet consumer demand while placing the firm at the forefront of the market.