The company should first determine the need of a customer then come up with an idea. The reasoning is simple. If you come up with an idea that no one needs it is worthless. If you acknowledge what people need and work to solve their problems you are going to get a lot more customers.
A new company has to find a need of consumers that they think they can satisfy profitably. If the company has a wonderful product, but consumers have no interest in it, that company will probably fail. Filling the needs of customers is the first priority for a business.
If a company knows what is marketable, then they know they will have someone to sell their product to. If they just come up with a random idea for a product, without knowing first if it is marketable or not, then they could lose their investment. It's best to do some research first.
I think a company should first come up with what they think are the needs of consumers because if they don't know what the consumer's needs are, how can they know what products to make? I think if a company takes time to understand a consumer's needs, they can target those needs with quality products. I think this is beneficial to the company and consumer in the long run.
While it is good for a company to anticipate or to determine consumer needs, to stay in business and to gain consumers, that company must first Innovate! Innovate! Innovate! This is where salesmen are so good - they have the product and then they sell the idea to the consumer that the consumer MUST have this product. The ideas for new products come first, and then the new product is presented to the consumer. If the company's marketing is what it should be, the consumer will decide he/she needs this product. This is called "creating a market" for a product.
Once a consumer need is identified, then is the time to come up with and develop a product which will meet that need. Even the "best" product ever will be completely useless unless it meets some need somewhere. Of course, even the most bizarre products are often marketed, with considerable success, as novelty gifts. Perhaps the most important first step is actually to hire an excellent marketing person, and not worry too much about either the need or the actual product.
Ideas come from needs and needs create ideas. A product cycle would start with an idea, typically based on some perceived need (a rough draft of a product). That idea would be weighed against needs, wants, costs associated with development, production and distribution, and all resources available to determine if the item should be developed and distributed.
There are many products that are put on the market every day because they are genuinely good ideas. Despite being good ideas some of these products do not sell. The reason for that is that the products are not needed by many consumers. If a company realized the needs of the consumer and created products to fit those needs then more products will be sold by said company.
If you tailor the need of the consumers to your company than the company can save capitol and resources by adapting the the consumer. If you come up with product ideas with the consumer in mind you increase the percentage of sale. After all the consumer need to be the one who wants the product no the consumer a new idea.
The ultimate goal of a company is profit, or creation of positive net value. Companies generally create value by optimizing the world in some way for their customers, be this making some aspect of their life more enjoyable or efficient, or providing them with a good or service they believe they require to somehow improve their subjective experience of the world. Thus it is the needs of the consumer which determine a companies success ultimately, and which should be focused on.
I think a company should determine the need of consumers before making product idea. It is like bringing meat products to a vegan party. Nobody is going to partake in the product if they do not need it. So, these unwanted products are going to go to waste, and the company will lose a lot of money.
Every company should design their business plan around the need of consumers. Even the best product is useless if no one wants it. On the other hand, an apparently boring product may meet with wild success, if it responds to a problem that people already have. If a company does not want to operate in the dark, it should always pay attention first to market demands.
A company will most likely produce an unneeded or unnecessary product, unless they consult their consumers first. If they discover a need, then they will be able to take the necessary measures to produce an appropriate product. Consumers will recognize a product that they need, and will most likely buy the product.
In a free market, demand controls production. For example, currently, the President is favoring electric cars. The market for electric cars does not exist because of the limited range and the excessive price. Electric cars may be a good idea, but not for anyone who has to drive over 100 miles in a 12 hour period because after about 100 miles, the electric cars require an 8 hour recharge. If a company strives to supply needs first, then demand will come to them.
We all have a duty to cut back on useless things we buy because they just end up in a land fill polluting the earth more. If you make a product without needs being a key consideration, it is useless. Yes, many people will buy it. Then it will be broken or tossed aside. We are in a world that needs to get back to basics and stop overspending on things that have no use or need.
Brainstorming is often a very productive way to come up with good ideas. A brainstorming session could produce a variety of new, creative, ideas. If people are allowed to explore various ideas it could come up with something that you may not have previously seen the need for. After coming up with many ideas, the company can go out and determine if there is a need for the product. Even if there is a not an overwhelming need, your product could still be successful because it may be something that the consumer didn't know they need until it was invented.
If a company creates a product without taking the needs of the consumer into consideration, then the product may turn out to be a flop. It may also turn out to be utterly useless in every day lives.
All companies need to look into the need of the consumer before coming out with a product.