M1S2 Flashcards
The Phases of the New Products Process (5)
- Opportunity Identification
- Concept Generation
- Concept/Project Evaluation
- Development
- Launch
The Evaluation Tasks in the New Products
Process
Where should we look?
Opportunity Identification
The Evaluation Tasks in the New Products
Process
is the idea worth screening?
Concept Generation
The Evaluation Tasks in the New Products
Process
should we try to develop it?
Concept/Project Evaluation
The Evaluation Tasks in the New Products
Process
have we develop it?
Development
The Evaluation Tasks in the New Products
Process
should we market it?
Launch
-active and passive generation of the new product opportunities as spinouts of the ongoing business operation.
-New product suggestion, changes in marketing plan, resource changes, and new need/wants in the marketplace.
-Research, evaluate, validate and rank them
-Give major ones a preliminary strategic statement to guide further work on it.
Phase 1: Opportunity identification
Select a high potential/urgency opportunity, and begin customer involvement. collect new available product concepts that fit the opportunity and generate new ones as well.
Phase 2: Concept Generation
Evaluate new product concepts (as they begin to come in) on technical, marketing and financial criteria. rank them and select the best two or three.
Phase 3: Concept/Project Evaluation
Specify full development process and its deliverables. undertake to design prototypes, test and validate prototypes against protocol, design and validate production process for the best prototype.
Phase 4: Development (Technical Tasks)
Prepare strategy, tactics, and launch details for marketing plan, prepare proposed business plan and get approval for it, stipulate product augmentation (service, packaging, branding, etc.) and prepare for it.
Phase 4: Development (Marketing Tasks)
Commercialize the plans and prototypes from development phase, begin distribution and sale of the new product (maybe on a limited basis) and manage the launch program to achieve the goals and objectives set in the PIC (as modified in the final business plan).
Phase 5: Launch
The Serial Innovator “Process”
- Finding a problem
- Check potential market size
- Understand the problem
- determine if the problem is interesting to customers
- Invent solution
Remember:
Recognizing Serial Innovators: Innate Characteristics
-System thinking (can connect disjoined information)
-High creativity (though not exceedingly high)
-Curiosity in several areas of interest
-A knack for intuition based on expertise
-A sincere desire to solve customer problems.
implies many iterations between firm and customer. useful for new-to-the-world.
Spiral development
-process: Early non-working (focused) prototype (e.g., cell phone made of wood or foam)
Tested with customers
-Customer feedback obtained on what needs to be changed Based on the feedback, the next prototype is prepared and the cycle continues Note: early prototypes may precede customer specifications! The new products phases may be done out of order.
Build-test-feedback-revise
non-linear, more flexible process in which dozens of prototypes may be tried before settling on one that customers like.
Lickety stick
Lickety stick is also know as?
probe and learn process
