The Dutchies call this a "morphological diagram" or "morphology". The main idea is that you work out all of the functions you want your product to do (though a function analysis) and then brainstorm solutions to fulfill those functions. You can then pick a solution from each row to combine to create many concepts that fulfill all functional needs.
I have included an example of one that I did for my final project at my Dutch IBL placement. It is an office chair for use at adjustable height tables to encompass sitting users as well as those requiring a standing aid. (think drafting table)
Click on the image below to get a better look
This would be a great way to generate lots and lots of ideas (sorry that i didn't think of it sooner to post up for our first project!)
Remember: