CHAPTER 4

CHAPTER 4

1. TRENDS

   • How to generate ideas
     • SCAMPER method
       • Substitute
         • Product or service which can be combined with a more advanced/useful one
       • Combine
         • How can two products/services be combined using creative thinking to innovate a new product/service?
       • Adapt
         • How can a product/service be adapted to create an entity more useful?
       • Modify
         • How can a product/service be modified to satisfy a need/want better?
       • Put to another use
         • How can a product/service be used in a new way to solve a problems or need?
     • Eliminate
       • What can be eliminated from a current product/service as an improvement?
     • Reorganize/Rearrange
       • What can be reorganized/rearranged to develop an original idea?
   • Potential areas for new ideas
     • Represent growing interest areas
     • Will require new products/services to meet demands
     • 1. Baby Boomers
       • Huge population of aging people
       • Many are continuing to be employed longer than expected
       • Have discretionary income
       • New opportunities abound including:
         • Senior friendly homes
         • Services by seniors for seniors
         • Healthcare services and products for seniors
         • Leisure and entertainment
         • Clothing, accessories and others
     • 2. Travel & Tourism
       • For 2018, estimates are:
         • 8.8 trillion spent
         • 3.9% growth in market
         • 519 million in jobs
       • Online opportunities include:
         • Apps
         • Airbnb
         • Luxury services
           • Eco and solo travel
         • Experiental travel and exercursions
     • 3. Social Shopping
       • Several sites rely on online conversation to drive sales via social media and chatbots
       • Apps to aid in conserving money and consolidate shopping
       • Online flash sales sites with large discounts
       • Influencer marketing
     • 4. Home Repairs/Renovations
       • Currently extremely popular and will continue to be
       • Retrofittinng homes for energy efficiency, greener products and aesthetically updating
       • DIY (do it yourself)
     • 5. Healthcare
       • Both technology for and services related to healthcare
       • Mancessorizing
         • Specialized products geared towards men
         • Self care for men (grooming and hygiene)
         • Beauty products accessories
     • 7. Green Businesses
       • Clean technology
       • Energy efficient products for the home
         • 8. Affordable Luxuries
           • High end beauty products at a lower cost
           • Home hair colour and makeup kits
           • Affordable hotels redesigning decor for a luxurious experience
           • Self care - BIG with millennials
       • Ideas for conserving other businesses money
     • 9. Home Fitness
       • P90X
       • Insanity
       • Pelaton
       • Gadgets