JOJO VITO-PRODUCT MANAGEMENT 4

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Information about JOJO VITO-PRODUCT MANAGEMENT 4
Entertainment

Published on June 22, 2009

Author: INTRASPEC

Source: authorstream.com

Planning forNew Products : Planning forNew Products . Types of Innovation : Types of Innovation Radical versus Incremental Innovation The radicalness of an innovation is the degree to which it is new and different from previously existing products and processes. Incremental innovations may involve only a minor change from (or adjustment to) existing practices. The radicalness of an innovation is relative; it may change over time or with respect to different observers. E.g., digital photography a more radical innovation for Kodak than for Sony. Types of Innovation : Types of Innovation Competence-Enhancing versus Competence-Destroying Innovation Competence-enhancing innovations build on the firm’s existing knowledge base E.g., Intel’s Pentium 4 built on the technology for Pentium III. Competence-destroying innovations renders a firm’s existing competencies obsolete. E.g., electronic calculators rendered Keuffel & Esser’s slide rule expertise obsolete. Whether an innovation is competence enhancing or competence destroying depends on the perspective of a particular firm. Types of Innovation : Types of Innovation Architectural versus Component Innovation A component innovation (or modular innovation) entails changes to one or more components of a product system without significantly affecting the overall design. E.g., adding gel-filled material to a bicycle seat An architectural innovation entails changing the overall design of the system or the way components interact. E.g., transition from high-wheel bicycle to safety bicycle. Most architectural innovations require changes in the underlying components also. Slide 5: Customer Needs Analysis Business Analysis Screening and Evaluation Idea Generation Marketing Strategy Development Product Development Testing Commercialization NEW PRODUCT PLANNING PROCESS Slide 6: Idea search: targeted or open-ended? How extensive and aggressive? What specific sources are best for generating a regular flow of new product ideas? How can new ideas be obtained from customers? Where will responsibility for the new product ideas search be placed? What are potential threats from alternative (or disruptive) technologies? Issues in IDEA GENERATION Concept Testing: Purpose : Concept Testing: Purpose Assess New Product Ideas from Consumer Viewpoint Does Consumer View Match Company's Assist in choosing Best alternative Indicate Target markets Obtain clues to promotional Appeals To suggest early modifications Product and Process Development : Development of the new product includes: Product design Packaging design Decisions to make or purchase product components Product Development Process: Product Specifications Industrial Design Prototype Process Development Use Tests © Product and Process Development Slide 9: PURPOSE OF USE TESTS Does it have the required attributes? Verify claims Ideas for improvements Identify use situations PHYSICAL PRODUCT TESTING : PHYSICAL PRODUCT TESTING Laboratory tests Expert evaluation Consumer tests Single product evaluation Blind tests Experimental variations Picking Test Markets : Picking Test Markets 1. Demographics 2. Distribution 3. Competition 4. Media 5. Category Activity Business Analysis : Business Analysis Revenue Forecasts Preliminary Marketing Plan Cost Estimation Profit Projections Other Considerations COMMERCIALIZATION : COMMERCIALIZATION The Marketing Plan Complete marketing strategy Responsibilities for execution Cross – functional approach Monitoring and Control Real – time tracking Role of the Internet Include product performance metrics with performance targets

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