5 phases of new product process (in detailed)
- Opportunity identification/selection =(active and passive generation of new product opportunities as spinouts of the ongoing business operation)
- concept generation = (collect available new product concepts that fit the opportunity and generate new one as well)
- concept/project evaluation
- development
5.launch
the role of serial innovator
-Mid level (technical employees who think and work differently and follow their own new products process
-Critical to firms being able to launch radical innovations successfully and repeatedly over a long period of time.
-Challenge: Identify, manage, and properly reward the serial innovator
5 method by Robin Cooperok
- Have a clear product innovation charter.
- Have a third-generation new products process that permits overlapping phases.
- Use a new product portfolio and careful project selection to allocate scarce resources.
- Focus on quality: “get it right the first time”
- Have an empowered cross-functional team.
Risk & Guideline to speeding market
risk
1.scope creep: product definition keep changing
2. Unstable product specifications: require performance level keeps changing
Guideline:
Degree of innovativeness
-first-to-market
-adaptive product
-imitation
Timing
-First
-Quick second
-slow
-late
Miscellaneous
-Avoidance of competition with certain firms
-recognition of weakness
-patentabillity
-product integrity
