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New Product Development Professional Studies > Strategy > Flashcards

Strategy Flashcards

1
Q

Attributes of Defender / Niche

A
  • locate and maintain in a relatively stable product / service

product domain thorugh high quality or low price

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2
Q

Cooper’s 5 Strategy Statements

Guru of NPD - 1980s

A
  • Differentialted
  • Low budget, conservative
  • Technology push
  • Not in the game
  • High best, diverse
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3
Q

Attributes of Reactors / Reactive

not successful

A
  • not agreesive until business is threatened

= no strategy

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4
Q

Attributes of Analyzers / Fast Followers

A
  • seldom first but often have better products
  • tryo to maintain stablitity but innovate at edges at market
  • internal efficiencies / reliable, high quality products
  • monitors competition, brings more cost effective products
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5
Q

Arena Assessment

how the market looks

A

Top left - Wildcats (high risk)
Bottom left - Dogs
Top Right - Stars (good bets)
Bottom Right - Cash Cow (conversative bet)

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6
Q

Disruptive Technologies

A
  • introduces different value prop

- typically different technology basis

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7
Q

Sustaining Technologies

A
  • discontinuous or tweaking or incremental
  • improve established product
  • same customers
  • same technology
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8
Q

Contents of a Business Model

A
  1. Customer Value Proposition
  2. Profit Formula
  3. Key Resources
  4. Key Processes
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9
Q

Wheelright & Clark

“Product strategy should answer 4 questions…”

A
  1. Who are the target customers
  2. What products will be offered
  3. How will they reach the customers
  4. Why will customers prefer our products to our competitors
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10
Q

Maximize Market leverage from common technology

A

Process

  • segment markets
  • identify growth areas
  • define current platforms
  • analyze competing products
  • consider future platforms initiatives
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11
Q

Project Execution

A

PROJECT TEAM
composition
organization

PROJECT MANAGEMENT
reviews and evaluation
decision making
tools

PROBLEM SOLVING
info gathering
conflict resolution
functionality integrity

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12
Q

Alliance or Partnered Projects

A

Firm buys a newly designed product or process from another firm

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13
Q

4 Types of Product / Process Development Projects

A
  1. New core product
  2. Next generation product
  3. Addition to product family
  4. Add-on and enhancements
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14
Q

Performance Measures for Development Projects

A

Time to market

Productivity

Quality

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15
Q

5 factors involved in the choices about platform generations

A
  1. Technology evolution
  2. Competition
  3. ROI
  4. Customer Support
  5. Available resources
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16
Q

Linking product / market strategy to specific development projects raises 2 critical issues

A
  1. The number, timing and rate of change of platform products
  2. the number, timing, frequency and relationship of derivative products
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17
Q

Critcal issues in the Product / Market Strategy

A
  1. The # of core products
  2. The 3 of enhanced products
  3. The frequency of new product introductions
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18
Q

Product / Market planning and strategy addresses 4 important questions

A
  1. What products will be offered (breadth and depth)
  2. Who will be the target customers?
  3. How will the product reaach the customers (distribution)
  4. Why will customers prefer ours to the competition?
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19
Q

Invention considerations (issues)

A

Timing, pre-requisities, resources and specific outsome are largely unpredictable

cause delay, back tracking and disappointment

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20
Q

“Great Leap Forwarde” Technology Strategy

A

making infrequent but large scale changes in technology that substantially advance the state of the art

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21
Q

“Rapid Inch Up” Technology Strategy

A

Frequent, small changes in technology that cumulatively lead to continuous performance improvement

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22
Q

After focus is defined, what does the technology strategy need to establish?

A

The timing and frequency of implementation

Partly technical and introducing into market

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23
Q

Fist step in creating a Technology Strategy?

A

“Focus” - defines those capabilities to achieve a distinctive advantage to competitors

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24
Q

What Technology Strategies include

A

“know how” that needs to create, produce and market its product and deliver to its customers

Use “know hows” and “know whys”

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25
Q

Typical Product Hierarchy

A
  1. Strategic Plan
  2. Portfolio Platform
  3. Program
  4. Project
  5. Sub Project
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26
Q

Open Innovation

A

Use external and internal resources for ideas

external and internal paths to market

use external licenses and processes

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27
Q

Technology Strategy & Planning Objectives

A

Guides acquistion, development, application of technology for competirive advantage

(includes manufacturing proce4ss and service delivery)

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28
Q

Diversification Strategy

A

New markets with new products

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29
Q

Product Development Strategy

A

new products to better satisfy existing market needs

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30
Q

Market Development Strategy

A

open new markets for established products

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31
Q

Market Penetration Strategy

A

Further growth from existing products in existing markets

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32
Q

Laying the foundation for projects

A
  • setting out the strategy
  • building capabiltity
  • acquiring development resources
  • defining objectives
  • selecting projects
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33
Q

Benefits of a Platform Strategy

A
  • focus on key decisions @ the right time
  • enables rapid deployment and consistency
  • longer term view of the product strategy
  • operational efficiencies
  • recognize when product becomes obsolete
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34
Q

Brand

A

The identify of a specific product

Can be

  • symbol
  • name
  • color combo
  • slogan
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35
Q

Strategy

A

A plan of action to reach a particular goal

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36
Q

Techniques used in Strategic Planning

A
  • SWOT Analysis (strengths, weaknesses, opportunities and threats)
  • PEST Analysis - political, economic, social and technical

STEER Analyis - socio-cultural / eco, ecological Regulatory

EPISTEL - environmental, political, informative, social, technical, economic and legal

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37
Q

Strategic Planning

A

process of defining the strategy or direction and

making decisions on allocating its resources to pursue this strategy

including people and capital

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38
Q

Product Innovation

A

creation and subsequent introduction of good that is new or improved on previous good or service of its kind

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39
Q

Product (noun)

A

thing or things produced by labor of effort

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40
Q

Balanced Scorecard

A

Often used to evaluate the performance of the business and progress towards objectives

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41
Q

Strategic Management

A

entails specifying the co’s mission, vision and objectives

developing policies and plans (projects and programs) to achieve its objectives

allocating resources to implement the policies, plans and programs

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42
Q

Benefits of effective development efforts

A

Market position

Resource utilization

Organizational renewal and enhancement

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43
Q

Development Strategy Framework

A

Pre-planning

align technical and product marketing strategies

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44
Q

Problems in New Product and New Process Development

A
  • Moving toward
  • mismatches between functions
  • lack of product distinctiveness
  • unexpected technical problems
  • problem solving delays
  • unresolved policy issues
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45
Q

Final Element of a Developmental Strategy

A

Post Project Learning

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46
Q

Integrating / Linking project mgmt elements to Developmental Strategy

A

Project Strategy

Project Execution

Project Performance

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47
Q

Project Performance Measures

A
  1. Lead times
  2. People, resources
  3. Project cost
  4. Project effectivness
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48
Q

Project Strategy

A

PROJECT CONTENT

  • knowledge base
  • company views and procedures

PROJECT FOCUS
- scope and context complexity

PRE-PROJECT PLANS

  • phases and objectives
  • performance measures
  • incentives
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49
Q

Strategic Business Unit (SBU)

A

A business unit w/in the overall corporate identity which is distinguishable from other units because it serves a defined external market.

conducts strategy planning in relation to products in the market

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50
Q

What was TEAM formerly known as?

A

Team of Destiny

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51
Q

Who is TEAM

A

is a leadership development co founded by Woodward and Brady in 1999 in Michigan

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52
Q

Brand Equity

A

marketing efforts andf outcomes that accrue to a product with its brand name compared to others with the same product without the brand name

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53
Q

Market

A

variety of systems, institutions, procedures, social relations and infrastructures where partners engage in exchange

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54
Q

Mission Statement

A

Formal, short written statement of the purpose of the company.

  • guides actions of the company
  • spells out overall goal
  • provides sense of direction
  • decision making guide
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55
Q

Loss Leader

A

product sold at a low price (at or below cost) to stimulate other profitable sales

(marketing promotion)

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56
Q

Markov Theory

A

In probablility theory -

a Markov model is a stochastic model that assumes Markov property

This assumption enables reasoning and computation that would otherwise be intractable

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57
Q

Arena

A

Event simulation software developed by Rockwell.

Uses SIMAN processor and simulation language

user builds an experimental model by placing models that represented processes or logic

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58
Q

Customer Franchise

A

the cumulative image of a product, held by the consumer, resulting from long exposure to the product or marketing of the product

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59
Q

Mass Customization

A

Use of flexible, computer-aided manufacturing systems to produce custom output

  • combine low unit costs of mass production processes

with

the flexibility of individual customization

60
Q

Normative Leverage

A

application of general norms or the other party’s standards to advance one’s own arguments for one’s own good

61
Q

Creativity

A

a website covering all things creative in advertising and design

launched in 1986

showcases best ideas and creative processes from concept through execution

62
Q

Trademark Symbols

A 
UNREGISTERED TRADE MARK
- promote  brand or good
UNREGISTERED SERVICE MARK
 - promote / brand or sevice
REGISTERED TRADE MARK
63
Q

Early Adopter

A

early customer of a product “trend setter”

64
Q

Where does “EARLY ADOPTER” originate from?

A

Rogers - Diffusional of Innovations

65
Q

Non-Conventional Trademarks

A

Color
Smell
Sound

66
Q

P3M3

A

Programme & Project Mgmt Maturity Model

  • reference guide for structured best practices
  • hierarchy of key process areas (KPIs)
67
Q

Objective of Technology Strategy

A

guides firm in acquiring, developing and applying technology for competitive advantage

68
Q

Sr Mgr Back End Roles

A
  • Team Launcher
  • Energy Source
  • Sponsor / Coach
  • Process Improver
69
Q

Front End Roles for Sr. Product Mgrs

A
  • Direction Setter
  • Product Line Architect
  • Portfolio Mgr
  • Process owner / creator
70
Q

Why aren’t Sr Mgrs involved early in projects?

A
  1. a lot of knowledge is involved
  2. problems are less defined and tools/roles are not clear
  3. lack of metrics / feedback loops
  4. absence of urgency
71
Q

Ways that senior managers demonstrate excellence

A
  • set direction
  • get people aligned
  • select, train and develop people
  • create, share, influence how it gets done
72
Q

Michael Porter

Harvard Business

A

Overall cost leadership

Differentialtion

Focus

73
Q

Elements of Strategy

A
  • decide what business you’re in
  • decide who your customers are and what you want to offer them
  • decide how you will play the game
  • identify strategic assets and capabilities
  • create the right organizational environment
74
Q

Corporate Values

A
  • states the code of conduct, the posture and behavior expected of people involved in fullfilling the mission
75
Q

Vision Statement

A

An act of imaging, guided by foresight, that reveals the possibilities.

it depicts the most desirable future state of the organization

76
Q

Mission Statement

A

statement of the company’s creed, philosophy, purpose, business principles or corp beliefs

purpose is to focus energy and people

77
Q

Strategy Definition (PMDA)

A

The organization’s mission, vision, values

one subset of the firm’s business strategy is the INNOVATION STRATEGY

sr mgrs own the strategy

78
Q

How Strategy Fits Into NPD

A 
Corp Mission, Vision, Values
to 
Business Strategy (growth)
to
Innovation Strategy
to 
New Opportunities    Existing Opportunities
to
Business, Product and Platform Plans
79
Q

Miles and Snow’s Categories of how firm respond to change

A
  • Prospectors
  • Analyzers
  • Defenders
  • Reactors
80
Q

Defintion of Innovation or NPD Strategy

A

NPD strategy provides direction from the highest level of the organizations as to the selected drection regarding markets, technologies and customers

81
Q

Corporate Strategy (Alternate)

A

A co’s game plan for achieving its objectives in light of its industry position, opportunities and resources.

Plan + objectives

82
Q

Business Strategies

A

dervived from the co’s corporate strategy are its business strategies.

Examples of business strategies:

IT Strategy
Marketing Strategy
NPD Strategy
HR Strategy
PLM Strategy
83
Q

Product Strategy defined by Cooper

A

a strategic master plan that guides your business’s new product war efforts

84
Q

What a Product Strategy includes:

A
  • goals for the co’s total product development efforts
  • role of product development
  • Strategic Arenas
    • markets or market segments
    • product types, product lines, product categories
    • technologies & technical platform

Deployment - spending allocation across arenas
- which market get how much focus, how many resources

How to attack each arena to win

85
Q

NPD Strategy to links from Mission Statement

A

Mission Statement (purpose)
to
Corporate / Business Strategy (plan of action)
to
Functional Strategy (functional depts to support business strategy) <– this is where the innovation strategy lies

86
Q

NPD Strategy - Value / Benefit

The “Best” companies drive NPD Strategy from

A

Strategy

87
Q

The Best co’s using NPD from Strategy see these results

A

7 - 10 times better profits as compared to the rest of companies

Derive 20-50% revenue from new products

88
Q

NPD Strategy Authors

A 
Michael Porter
Miles & Snow
Wheelwright & Clark
Treacy & Wiersema
Robert Cooper
Anthony Ulwich
89
Q

Early Publications From Robert Cooper

A

NPD Strategy & Process

90
Q

Early Publications from Miles & Snow

A

NPD Strategy

91
Q

Early Publications Michael Porter

A

5 Factors, Where We Should Plan (Business not NPD)

92
Q

Coopers 5 Strategy Scenarios

A
  1. Differentiated
  2. Low Budget, Conservative
  3. Technology Push
  4. Not in the Game
  5. High Budget, Diverse
93
Q

Cooper - Differentiated

A

Technologically sophisticated
High fit and focus
Strong Market Orientation

94
Q

Cooper - Low Budget, Conservative

A

Low R&D
Copycat
Undifferentiated products

95
Q

Cooper - Technology Push

A

Technically sophisticated

Low in market orientation, fit, focus, synergy

96
Q

Cooper - Nol in the Game

A 
Unsophisticated
Low tech
Low risk
Copycat
Simple/mature technologies
97
Q

Cooper - High Budget, Diverse

A

Heavy R&D
No Direction, synergy, fit or focus
“Bull in a china shop”

98
Q

Miles & Snow Strategy Types

A

Prospectors
Analyzers
Defenders
Reactors

99
Q

Miles & Snow - Prospectors

A

“First to market”
Innovators
Adapt new technologies

100
Q

Miles & Snow - Analyzers

A

“Fast Followers”

Often better products

101
Q

Miles & Snow - Defenders

A

“Nich”
Maintain niche in stable market
Defend market at all costs

102
Q

Miles & Snow - Reactors

A

Respond only to duress

103
Q

NPD Strategy Type - FTM

A

First to Market

  • new to world
  • first w/ new technology
  • requires large R&D budget
  • often spin off new platform / business unit

Ex: DoCoMo, HP Printers, MP3 Player

104
Q

NPD Strategy Type - FF

A

Fast Followers

  • moves fast to bring a “better” product to market
  • not a copycat
  • Requires large research effort & budget
  • competitive analysis
  • most popular

Ex: Lexmark Printers, iPod

105
Q

NPD Strategy Type - Niche

A

Niche / Defender

  • will do anything (including developing new products) to defend its niche
  • requires constant efforts associated with customer intimacy & knowledge

Ex; Orville Redenbacher, Canon Photo printers

106
Q

NPD Strategy Type - Reactors

A

Reactors

  • will do some improvements & enhancements but no real new product development
  • does not pursue new markets
  • may be used for dying product line

Ex: Cassette player, landline phone, analog tv

107
Q

Goals / Metrics - FTM, Prospector, New To World

A

% of profits from new products
% of sales from new products
Open up new window of opportunity

108
Q

Goals / Metrics - FF, Analyzer, New To Company

A
  • want large market share
  • support the co’s overall strategy
  • % of profits from new products
  • success / failure rates
109
Q

Goals / Metrics - Defender / Niche

A
  • ROI from development

- Supports the business strategy

110
Q

Goals / Metrics - Reactor

A
  • make money with little investment
  • success, failure rates
  • support the business strategy
111
Q

NPD Strategy Links (adds in Core Strategic Vision)

A 
Mission Statement
to 
Corp / Business Strategy
to 
Core Strategic Vision
to 
Platform, Market, Technology Strategies
112
Q

Core Strategic Vision (CSV)

A

Articulares the destination and general direction from where you current stand

  • supplies context for product strategy
  • guides those developing the prod strat by tellng them
    1. where the co wants to go
    2. how it expects to get there
    3. why it believes it can be successful

It is focused, clear, complete and feasible

113
Q

The Relationship of Core Strategy Vision to Strategy

A

Provides the basis for framing strategy by:

  1. Establishing the basis of the product platform strategy
  2. Focusing opportunity identification and selection efforts
  3. Allowing strategic alignment or other activities
  4. guiding NPD decision making
  5. Guiding technology strategy & core competency leverage points
  6. Setting expectations for stakeholders
114
Q

Platform Definition

A

A core development project that typically has a design life of several years

and

establishes the basic architecture for a sest of follow on derivative projects

115
Q

Plaform Definition Part 2

A

Underlying structures or architecture that are common across a group of products or that will be the basis of a series of products commercialized over a # of years

116
Q

Platform Strategy Includes

A
  • clear understanding of the underlying elements
  • distinguishable defining technology
  • platform differentiation provides competitive advantage
117
Q

Wild Cats - High Risk Bets - Top Left

A

High Market Growth Rate

Low Business Strength, market share

118
Q

Dogs - No Bet - Lower Left

A

Low Growth Rate

Low Strenght, market share

119
Q

Stars - Good Bets - Top Right

A

High market growth

High strength, market share

120
Q

Cash Cow - Conservative Bet - Lower rate

A

Low market growith

High strength, market share

121
Q

Anthony Ulwich

A

Outcome Driven Innovation

122
Q

Outcome Driven Hypothesis

A

Innovation is universally inefficient
Innovation is art, not science (exact)
Lack of precision in = lack of precision out

123
Q

Ulwich - Outcomes Driven Innovation

6 Organic Market Growth Paths

A 
CORE JOBS
1. Core or Sustaining market growth
2. Core Platform disruption
3. Core Market Disruption
OTHER JOBS
4. Related Market Growth
5. New Platform Creation
6. Related Growth in a Disrupted Market
124
Q

Ulwich - Outcomes Driven Innovation

1) Core and Sustaining Market Growth

A

Add a set of features to core platform to help customers get a core job done better

125
Q

Ulwich - Outcomes Driven Innovation

2) Core Plaform Disruption

A

Construct a feature set on new platform to help customers get job done better / cheaper

126
Q

Ulwich - Outcomes Driven Innovation

3) Core Market Disruption

A

Feature set on a new platform to enable NEW customers to perform the core job of a specialist

127
Q

Ulwich - Outcomes Driven Innovation

4) Other Jobs - Related Market Growth

A

Add set of features to core platform to help customers get related job done

128
Q

Ulwich - Outcomes Driven Innovation

5) Other Jobs - New Platform Creation

A

Construct a feature set on new platform to help customers get the core job and other jobs done better

129
Q

Ulwich - Outcomes Driven Innovation

6) Other Jobs - Related Growth in Disruptive Market

A

Add a set of features to the new platform to help NEW customers to get a related job done

130
Q

Strategic Technology Planning

A

A plan to acquiring technology to main or gain a competitive advantage

Guides the firm in the acquistion, development and application of technology for competitve advantage

131
Q

Sources of Technology Strategy

A
  • Internal or External

Needs role defintion and integration

132
Q

T or F

You should not consider cost when initially evaluating a technology

A

True

133
Q

Technology Strategy - Timing and Frequency Decisions

A
  • leader vs follower

- rapid inch vs great leap forward

134
Q

Sustaining Technology

A
  • based on existing or familar
  • improve performance of established products
  • discontinuous, radical or incremental
135
Q

Disruptive Technology

A
  • new value prop thru technology

- worse near term product performance / quality

136
Q

Product Innovation Charter (PIC)

A

Critical strategic doc for commercializing any new product

is the who, what, when, where & why of the NPD project

137
Q

PIC Focus

A
  • focuses domains of innovation for each opportunity
  • strategy is for products, not process
  • it is a charter - gives conditions under which the organization will operate
138
Q

When is the PIC Created?

A

Stage 1 - Opportunity Identification

139
Q

PIC Elements

A

Background

  • ideas from analysis
  • manager mandates
  • why strategy was developed

Focus / Arean

  • tech drivers
  • market drivers
  • product types, lines and categories

Goals and Objective

  • project short term
  • product long term
  • metrics, profit growth, market status

Guidelines

  • tactics & rules of the road
  • management requirements
140
Q

Arena / Strategic Arenas Defintion

A

At least 1 clear tech dimension
and 1 clear market dimension

that are compatible and have potential

the playing field where core competencies can be exploited

141
Q

Strategic Areans

A

Markets
Technologies
Product Types

142
Q

Arenas Create Synergies

A

Product can equae to a company’s core competencies

143
Q

Value of PIC

A
  • links corp strategy to product policy
  • enable sr mgmt to define clear expectations
  • enables NPD team to receive direction and clarity for work
144
Q

Strategies must provide obvious value to

A

Customers

145
Q

Where does Product Lifecycle Management Begin?

A

Stage 5 - Launch

146
Q

When does Portfolio Management Start?

A

Stage 4 - Development

New Product Development Professional Studies (7 decks)

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