Flashcards
Mark 420
Cards in this deck (43)
- 1Serial Innovator Characteristics-can connect disjointed information
-high creativity
-curiosity in several areas
-knack for intuition based on expertise
-sincere desire to solve customer problems - 2Role of Serial Innovator-mid-level, technical employees (think and work differently)
-critical to firms to launch radical innovations
-identify, manage, and properly reward (rarity) - 3Serial Innovator Process-no steps or fixed order
-finding problem
-check market potential
-understand problem
-determine if the problem is interesting
-invent solution to problem and check customer acceptance (prototype)
-get product into development and gain market acceptance - 4Spiral Development (for new-to-the-world products)build test feedback revise process:
-early non-working prototype
-tested with customers
-customer feedback on what needs to be changed
-based on feedback, new prototype prepared and cycle continues
… phases may be done out of order - 5Two ways to develop prototypes1. focused (limited-performance)
2. lickety-stick iterative process (also known as probe-and-learn) - 6Methods for Accelerating Time to Market (5)1.have clear product innovation charter
2. third-generation new products process.. permits overlapping phases
3. use a new product portfolio (careful project selection)
4. focus on quality (do it right)
5. have an empowered cross-functional team - 7Concept Generation-select a high potential/urgency opportunity, and begin customer involvement. Collect available new product concepts that fit the opportunity and generate new ones
- 8Concept/ Project Evaluation-evaluate new product concept on technical, marketing, and financial criteria
-rank them.. select best
-request project proposal authorization when product defined, team, budget, skeleton, and final PIC in place - 9Stages of Concept/ Project Evaluation-screening
-concept testing
-full screen
-project evaluation - 10New Product Process (5 phases)1. opportunity identification/ selection
2. concept generation
3. concept/project evaluation
4. development
5. launch - 11activities that feed strategic planning-ongoing marketing planning (need to meet new aggressive competitor)
-ongoing corporate planning
-special opportunity analysis (overlooking a skill) - 12Techniques for accelerating time to market (5)1. organization
2. intensify resource commitments
3. design for speed
4. rapid manufacturing
5. rapid marketing - 13Product Platform Planning-common structure that a stream of products can be developed efficiently
ex. Honda used the same engine and transaxle combo in several vehicles
-can be used to gain competitive advantage globally (one platform several variants)
-multinational approach to products to do better than those that develop products for their home market - 14Required Inputs to the Creation Process-form
-technology
-consumer benefit
technology permits us to develop a form that provides the benefit - 15Stimulating Creativity-recognize individuality
-be tolerant of mistakes
-be supportive under stress - 16Open Innovation-searches for research, innovation, technologies, and products
-increases speed of research and innovation… cuts risk and generates ideas
-dominant innovation model
-from internal sources or external sources
-sources such as inventors, start-ups, uni labs are sought out - 17Principles of Open Innovation-accept "not all the smart people work for us"
-both in- and out-bound: obtain knowhow technology patents.. monetize technology no longer consistent with corporate strategy
-NOT OUTSOURCING (compliments to internal)
-selecting best partner is critical - 18Proctor and Gamble's use of open innovation-connect and develop program.. internal intellectual property can be marketed outside, spun-off, or licensed
-avoids the "not invented here" syndrome - 19When is the first evaluation usually-precedes the product concept
- 20during the evaluation process… (6)1. ideas become concepts
2. concepts get refined
3. evaluated and approved
4. development projects initiated.. products launched
5. different questions asked
6. different evaluation techniques provide answers - 21Diffusion of Innovationfor a person to become a regular buyer/user of an innovation there must be an awareness
-they must try the innovation
-they must find the innovation
-there must be a happiness that leads to adoption of the innovation - 22A-T-A-R Model-predicting first year profitability
-market-share forecasting tool
-simulated test markets - 23A-T-A-R model requirements (7)-number of owners of product
-percentage of owners that we can make aware of innovation
-percentage who will try innovation in the first year
-percentage of retailers whom we can convince to stock the new phone during the market intro period
-percentage of triers who will repeat purchase
-number of additional units by repeat buyers
-dollar revenue per device
-unit cost - 24Two important things about A-T-A-R model calculations1. each factor is subject to estimation
2. an inadequate profit forecast can be improved by changing only one factor (qualitative or quantitative) - 25Vicarious Trialperson or firm who did try something shares results with someone who can't try it
- 26New Product Evaluation at each stage1. opportunity identification -- direction
2. concept generation -- initial review.. is the idea worth screening?
3. concept/ project evaluation -- full screen... should we develop it?
4. development -- progress reports.. have we developed it? should we continue to try?
5. launch -- market testing.. Should we market it? how?
6. in retrospect - 27Surrogates-timing of information may not match our need
ex. know customer reactions early but cant know until developed
surrogate questions give information that substitute what we want to learn - 28perceptual mapcan be used in conjunction with preferences to create a joint space map
-can determine ideal brands, etc - 29global innovation culturefirm is open to global markets, mindful of differences in customer needs and preferences, and respectful of different national cultural and business environments
- 30New-to-the-world products-revolutionize existing product categories or define new ones
-most likely to require consumer learning and/ or incorporate new tech - 31new to the firm products-products that take a firm into a category new to it. products are not new to world but new to firm
- 32new product processstrategic element
the path the new product takes from idea to the time of launch and beyond
-- unique to each product - 33new product portfolio-assurance that the firm is developing the right products with respect do its product portfolio
-product selection and launch timing strategic - 34Product Innovation Charter-earliest evaluation that a firm makes about itself and its situation
-yields a prior conclusion about new product proposals
-decide what type of new product fits best
-eliminate more product ideas - 35PIC should exclude the following ideas-ideas that require tech the firm does not have
-ideas sold to customers about whom the firm has no close knowledge
-ideas that offer the wrong degree of innovativeness
-ideas wrong on other dimensions (not low cost, too close to competitors...) - 36What is a new product concept-concept = an idea or abstract notion
-concept for the product promise, customer proposition, and real reason why people should by
-claim of proposed satisfactions - 37concept promise four interpretations1. producer's perceptions of the features
2. consumers perceptions of the features
3. producers estimate of the benefits
4. consumers estimate of the benefits - 38product concept definitionstatement about anticipated product features that will yield selected benefits or problem solutions relative to other products already available
- 39Concept Testing (3 purposes)1: -part of prescreening process
-identify the very poor concept and eliminate
2: estimate the sales or trial rate that the product would enjoy (some believe this is worthless others think its great)
3: -help develop the diea, not just test - 40Most common concept testing questionbuyer intentions
1. definitely would buy
2. probably would buy
3. might or might not buy
4. probably would not buy
5. definitely would not buy - 41top-two-boxes scoretotal number of times the top two boxes on the questionnaire are checked (definitely would by and probably would buy)
- 42procedure for concept testing-prepare concept statement
-clarify specific purpose
-decide format
-select commercialization
-determine price
-select respondent type
-select response situation
-define the interview
-conduct trial interviews
-interview, tabulate, analyze - 43—
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- Flashcards on Mark 420, created by Alexis Zacharko on 14/04/2017.
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- Alexis Zacharko
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