Chapter 6: innovation and launch

Question 1

What are the 6 new product categories

Answer 1

• current product improvement
• extending current lines
• new lines for company
• different quality/price
• new in another market
• new in the market

Question 2

What are the 3 reasons for innovation

Answer 2

Economic reasons
Market reasons
Business reasons

Question 3

What is the ‘Follow the leader innovation technique”

Answer 3

Is to copy the leader’s product when it has been past the introduction stage when the product has been accepted by the market.

Question 4

What is the “me too” innovation technique

Answer 4

It is to fully copy a competitor’s products that are in the high phase of the growth stage, saving patented aspects of it, and offer to the market with low prices and aggressive commercials.

Question 5

What is the “Application Engineering” innovation technique

Answer 5

Consists of copying competitors’ products already located in the saturation stage and in so doing, improve the product and direct to the niche market that still is accepted and can grow.

Question 6

What are the 7 stages of new product creation

Answer 6

1. Ideas Research
2. Ideas Selection
3. Product Concept
4. Product Viability
5. Product Development
6. Product Test
7. Product Launch

Question 7

2 sources for ideas are

Answer 7

→ Internal Sources: Product management department, company’s sales team, employees of the company
→ External Sources: The customers and distributors, Publications and reports

Question 8

Ways to create ideas (8)

Answer 8

Brainstorming
Storyboarding
Force Connections
SCAMPER
Questioning Assumptions
The wish method
Alter ego method
Six thinking hats