Random Module 4 Flashcards
What are McKinsey’s 8 attributes for successfull innovation?
- Aspire
- Choose
- Discover
- Evolve
- Accelerate
- Scale
- Extend
- Mobilise
What 2 key elements should an organisation consider where to focus its effort on identifying and developing growth options?
- The organisations perspective
- The customer/market perpsective
What are the 4 options in the Ansoff matrix?
Market Penetration (existing products, existing markets)
Product Development (new products, existing markets)
Market Development (new markets, existing products)
Diversification (new markets, new products).
What is counter-seasonal diversification?
Organisations in a seasonal market diversify into product that allows resources to be used in the “off-season”.
E.g. a ski operator offering mountain biking tours in the summer months.
What is counter-cyclical diversification?
Products that counter firms that experience cyclical / economic factors.
e.g. a builder that expands into insurance policies for defaults on loans (i.e. building does well when the economy is good, but defaults on loans insurance has better demand in tough economic times).
What 8 steps are involved in new product development?
- Generating and capturing ideas
- Screening ideas
- Protoype development
- Test marketing
- Launch
- Commercialisation
- After-sales service
- Disposal / recycling
True or false:
New product development is typically an iterative process.
True.
It is iterative because ongoing feedback allows refinement, and important information for the next steps.
What is the “double-diamond” approach to the development process?
Advocates clear separation between the problem definition and solution development.
Solution development shouldn’t commence until the problem is clearly defined.
Why should market and customer research be undertaken?
Reduce the uncertainty and risks associated with product and service development.
Is traditional market research / customer research suited towards disruptive technologies?
Not really.
Disruptive is changing the game - the game isn’t known yet and not reflected in current competition / consumer preferences.
What is the best market research technique specifically for discovery and definition?
Primary customer research (interviews).
Using focus groups / surveys is not suited; it will generally only confirm the existing assumptions that are likely to be invalid.
What is the best market research technique for development and delivery?
Focus groups can work here, choice models, surveys.
When are focus groups most useful?
When there is a prototype / service solution that has been developed and going through test marketing.
What is the Kano model?
Framework for considering a range of project options.
Challenged convention belief that projects leading to improving every aspect of a product would lead to improved customer satisfaction.
Only focusing on certain aspects of a product would delight customers.
True or false:
Customer satisfaction under the Kano model decays naturally over time.
True.
It becomes normal and expected by customers, so no longer as engaging.
In the Kano model, what are performance and threshold attributes?
Threhold attributes:
The “must-be’s”.
If attribute not filled, then will be dissatisfied. However, filling it will not involve satisfaction.
Performance attributes:
Customers will be satified if this attribute is there and dissatsified if it isn’t.
What are the key components of service design?
- The service encounter (touchpoints and evidence)
- Value co-creating system (needs and perceived value)
- Sociocultural configuration (engagement with the service, social and cultural influences).
What is it called when organisations decouple the production of services from their consumption?
Productising a service
What 3 technologies can help “productise” a service and decouple consumption from the production? (Triple A)
- Automation
- Artificial Intelligence
- Advanced data analytics
What are the 3 stages of the “productising” approach to product development for professional services firms?
- Discovering (potential products)
- Developing products (process, analyse and learn).
- Monetising them (revenue model)
What are the keywords to “Design Thinking”?
Human-centred
Innovation
Integrating needs
People, technology, requirements.
What are the 5 stages of design thinking?
- Discovery (understand challenge)
- Interpretation (find meaning)
- Ideation (generate + refine)
- Experimentation (prototypes + feedback)
- Evolution (learnings).
What are the keywords for “blue ocean strategy”?
Creation
New, undiscovered markets
Activities to innovate
Are we talking about red-ocean or blue-ocean strategy below?
Compete in existing markets
Beat competition
Exploit existing demand
Make the value-cost trade-off
Strategic choice of differntiation or low cost.
Red ocean thinking
