This paper introduces a web mining approach for automatically identifying and extracting new product ideas from internet blogs. There are a large amount of web logs for nearly each topic, where consumers present their needs for new products. These new product ideas are valuable to producers, researchers and developers because they can lead to a new product development process, a well-known task in marketing. However, the current approach towards extraction of these new product ideas involves employed analysts to process these blogs manually and extract the new product ideas. Here, presented is an automated approach towards the extraction of new product ideas through knowledge extraction and using scripting languages, which not only eliminates human error, but also speeds up the entire process of new product idea extraction. Thus, several product development solutions allow engineers, suppliers, business partners and even customers to collaborate throughout the entire product lifecycle via the Internet.
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