Concept development refers to the basic understanding that is necessary to make sense of one’s world. This includes ideas about the self and others, objects, and the environment. This foundation/understanding is crucial to communication, travel, and independence.
To remain competitive, every company must encourage innovation and set the stage for the creation of revolutionary ideas. Yet, organizations often lack the discipline to embrace a ‘structured’ approach to concept development. Unfortunately, this deficiency often decreases the likelihood of a product’s commercial success.