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New Products

Success

Globalisation

Types (6)<br><br><ul><li> New-to-world: inventions to create a whole new market

New-to-firm products: products that take a firm into a new category

Additions to existing product lines: line extensions and flankers that flesh out the product line in current markets

Improvements and revisions to existing products: current products made better

Repositioning’s: products that are retargeted for a new use or application; or retargeted to a new user or new target market

Cost-reductions: new products that provide the customer similar performance but at a lower cost</li></ul>

Strategic Elements

1. New Products Process

2. Product Innovation Charter

3. Product Portfolio

Phases (5)<br><br><ul><li>Phase 1: Opportunity Identification/Selection → Direction: Where should we look?

Active and passive generation of new product opportunities; new product suggestions, changes in marketing plan, new/wants in the marketplace

Research, evaluate, validate and rank (as opportunities)

Phase 2: Concept Generation → Initial Review: Is the idea worth screening?

Select a high potential/urgency opportunity, and begin customer involvement

Collect available new product concepts

Phase 3: Concept/Project Evaluation → Full Screen: Should we try to develop it?

Evaluate new product concepts on technical, marketing and financial criteria

Rank and select the best two or three

Stages: Screening → concept testing → full screen → project evaluation

Phase 4: Development → Progress Reports: Have we developed it?

Technical Tasks: specify full development process; undertake to design prototypes, test and validate against protocol, slowly scale up production as necessary for product and market testing

Marketing Tasks: Prepare strategy, tactics and launch details; prepare business plan; stipulate product augmentation

Phase 5: Launch → Market Testing: Should we market it?

Commercialize the plans and prototypes; begin distribution and sale of new product

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Decisions<br><br><ul><li>Go/No Go

Fuzzy Gate

Hollow Gate</li></ul>

Speed to Market Methods (5)<br><br><ul><li> Have a clear PIC

Have a third-generation new products process that permits overlapping phases

Use a new product portfolio and careful product selection to allocate scare resources

Focus on quality – get it right the first time

Have an empowered cross-functional team

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New Service Development

New-to-world products<br><br><ul><li>Managing breakthrough innovation: incubation stage and discovery driven planning

Serial Innovator</li></ul>

1. Opportunity Identification: Where should we look?

2. Concept Generation: Initial Review: Is the idea worth screening?

Creativity

The Product Concept - Inputs (3)<br><br><ul><li> Form: the physical thing created

Technology: the source by which the form is to be attained

Benefit/need: benefit to the customer for which the customer sees a need or desire

→ Technology permits us to develop a form that provides the benefit

</li></ul>

Scenario Analysis

Product Attributes (3)<br><br><ul><li> Features: what the product consists of

Functions: what the product does and how it works

Benefits: how the product provides satisfaction to the user

→ Feature permits a function which provides a benefit

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Analytical attribute approaches

3. Concept Evaluation: Full Screen: Should we develop it?

Finding the right people

Barriers to creativity (4)<br><br><ul><li>

Cross-functional diversity: diversity leads to more creative stimulation but also to problem solving difficulties

Allegiance to functional areas: team members need to have a stake in the teams success or they wont be loyal to the team

Social cohesion: if interpersonal ties among team members are too strong, candid debate may not occur, resulting in less innovative ideas

Role of top management: management should encourage the teams to be adventurous otherwise only incremental changes will occur

</li></ul>

Extending

Leaping

Static

Dynamic

Qualitative (4)<br><br><ul><li>- Dimensional analysis – weight, length, colour, style etc.

- Checklists – can it be adapted, modified, reversed, combined with anything, substituted, magnified, minified, rearranged? - Relationships analysis – force combinations of dimensions (features, benefits, functions) together - Techniques: two-dimensional matrix, multidimensional matrix- Analogy </li></ul>

Quantitative

Gap Analysis (3)

Trade-off (conjoint) Analysis

Shortcomings<br><br><ul><li> Gap analysis discovers gaps, not demand

Gaps often exist for good reasons

New products people still have to go to the marketplace to see if the gaps they discovered represent things people want</li></ul>

Concept Evaluation System

Concept Testing

Full Screen

Sales Forecast

Product Protocol

4. Development: Progress Reports: Have we developed it?

Planning concept evaluation concepts (4)<br><br><ul><li> Rolling Evaluation: project is being assessed continuously – dealing with risk via acceptance or mitigation

Potholes: anticipating major difficulties, having them in mind when evaluating

People: Proposal may be hard to stop once there is buy-in on the concept, personal risk associated with new product development, need system that protects developers and offers reassurance (if warranted).

Surrogates; give clues to real answers, questions to ask when we need information that we want but too early to access </li></ul>

Cumulative Expenditures Curve

Risk/Payoff Matrix

Decay Curve

Before Idea Appears

After Idea Appears

Main concerns (5)

PIC

Market Analysis

Initial Reaction

Suggested questions for initial reaction (3)

Avoid bazooka effect (3)

Purposes

Scoring Model

1. Go forward or quit

2. Help manage the process

3. Cross-functional communication

In charge & critical considerations<br><br><ul><li>1. Products potential may be extremely high, but sales may not materialize

2. Sales will vary over time

3. Products sales will depend on our competitors strategies

</li></ul>

Models

ATAR

Purchase Intentions

Contents (12)

Purpose

VOC

QFD

Design

Team Management

Product use testing

5. Launch: Market Testing: How should we test it?

Design driven innovation

Visual equity

Principles of universal design (7)<br><br><ul><li> Equitable Use: the design is useful to people with varied abilities

Flexibility in use: the design accommodates a wide variety of preferences

Simple and intuitive to use: the design is easy for anyone to understand

Perceptible information: the design communicate the required information to the user

Tolerance for error: the design minimizes adverse consequences of inappropriate use

Low physical effort: the design can be used efficiently by anyone with minimal fatigue

Size and space for approach and use: the product is easy to reach, manipulate, and use

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Contributions of design to the NPP (6)<br><br><ul><li>Design for speed to market

Design for ease of manufacture

Design to meet customer needs

Design for differentiation

Design to build or support corporate identity

Design for the environment</li></ul>

Product architeture

Prototype

Managing Interfaces in the design process (5)

Product platforms

Derivative products

Comprehensive

Focused

CAD

Organisations (degree of projectization) (5)

Taking ownership

Rewards

Functional

Matrix

Outcome based

Process based

alpha, beta, gamma

Strategic Platform Decisions (8)

Strategic Action Decisions (3)

Tactical Launch Decisions (4)

Factors affecting diffusion of innovation (5)

Launch phases (4)

Market Testing

Product failure reasons (3)

Launch management System

Cross the chasm

Lean launch

Pseudo

Controlled

Full Sale

Sections (4)<br><br><ul><li> - Background: Key ideas from situational analysis

- Focus: One clear technology and market dimension- Goals/Objectives: What the project will accomplish, either ST or LT- Guidelines: Rules imposed by the situation or upper management

</li></ul>

Strategic Dimensions (8)<br><br><ul><li>

Strategic goals (defending current base of products versus extending the base)

Project types (fundamental research, process improvements, or maintenance projects)

Short term vs long term projects

High risk vs low risk projects

Market familiarity ( existing markets, extensions of current ones or totally new ones)

Ease of development

Geographical markets

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Objectives (4)<br><br><ul><li>

Strategic alignment: mix of products reflects the PIC; new products are ‘on strategy’

Assessing portfolio value: commercial value of products in pipeline is maximized

Project balance: select products that balance the existing product line

Number of projects in line with resource requirements, avoid underfunding

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Strategic Decision Group Portfolio Evaluation Model