5 - 594F11 Workout - A New Drug

5 - 594F11 Workout - A New Drug - Global Innovation...

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Unformatted text preview: Global Innovation Management Global Innovation Management Toolbox Workout #3 Goal: Assessing the Potential of an Innovation Method: Quiz, Consumption Chain Analyze and Feature Map an Innovation Global Innovation Management Pharmaceutical Innovation The Blockbuster drugs ($1 billion or more in annual sales) of the past 15 years have all been lifestyle drugs Mood adjusters (Prozac) Performance enhancers (like ) Recreational (MDMA, a.k.a. Ecstasy) Global Innovation Management Your Task Design (i.e., identify the major features of) a new Blockbuster Drug by Quizzing your teammates Use a Mind Map to find the main feature sets of a hypothetical blockbuster drug Constructing your consumers (a.k.a. teammates) Consumption Chain Identifying the discriminators and energizers (Feature-Attribute Map) for the significant steps of the Consumption Chain Global Innovation Management The Opportunity Register Concept: Always keep an inventory of possible opportunities so that you are unlikely to run out of ideas for making the next competitive move or capturing the next prospect for growth Fields: 1. Business concept 2. Relevant trends 3. Key industry data 4. Obstacles and barriers 5. Company position 6. Competition and Substitutes 7. Sources for your information 8. What type of opportunity is this? 9. Timing of proposed actions Global Innovation Management Commercialization Defines your market Who is the target customer for the companys product (age, income, medical history, and other demographics) Support this with Attribute Maps and Consumption Chains What will differentiate your innovation from competitors in the customers minds? Global Innovation Management Quizzing Detailed look at target customer usage and decision making regarding your product Looks at the customers stream of consciousness Through a series of questions Looks for ideas to Change the Customer s Experience (i.e., redifferentiate your product) Remember: Experience is dynamic So are the questions in quizzing Over a time period prior to the first time customer is exposed to the product To a time well after the customer has stopped using it Global Innovation Management Quizzing Who?...
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5 - 594F11 Workout - A New Drug - Global Innovation...

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