Year day goal benefits o assess performance o

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Time-based – month? year? day? Goal Benefits: o Assess performance o Facilitate planning
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o Motivate employees Extrinsic o Focus employees’ efforts Boost performance o Growth and confidence Goals can do harm: o Reduce intrinsic motivation Usually stronger than extrinsic motivation We adhere to goals better when they are not mandated o Inhibit learning and cooperation o Failing to meet goals can be psychologically harmful Discouragement Pessimism Resentment Do goals do more harm than good? o They might. Keep in mind unintended consequences. o Learning goals may be more effective than performance goals: Product Metrics: New Product Development Process: 1. Idea Generation/ Discovery Activity: Broad definition of the idea Gate 1: Does this innovation meet the organization’s strategic goals and organization as a whole? 2. Scoping Action: create a broad assessment of the market value, and the potential impact of the innovation on the organization Gate 2: Does the innovation seem broadly viable? 3. Business Analysis Activity: critical research stage o Feasibility Technical Marketing Business o Three main components Product and Project Definition Project Justification
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Project Plan Gate: Is this project Feasible? 4. Development Activity: Concretization o Actual design and development of product prototypes o Mapping of operations o Market launch planning o Operations plans developed Gate: Can we actually develop this product? 5. Test Marketing Activity: Validation of the entire product o Product itself o Production/manufacturing process o Customer acceptance o Economics of the project Gate: final look at the overall viability of the plan? 6. Commercialization Activity: Systems up and running o Merchandise production o Logisitics o Support systems engaged (sales, accounting, service) o Marketing plans in place Gate: Last chance for revocation before public launch 7. New Product Launch Activity: public/ industry launch New Product Development System is described as a “stage gate system Stages: Activity- information gathering Technical Market Financial Operations Can include research, development and marketing aspects simultaneously Cross- department parallel effort
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Gates: decision points or is a screening point management decision point Deliverables are defined at a previous stage Stage-Gate Process Benefits: o Accelerates speed to market o Increases likelihood of product success o Organizes what can be a chaotic process o Reduces work redundancies o Improves decision making o Resource saving focus o Is inclusive of necessary steps Companies invest in product development: o Time o Money o Research o Resources New Product Purchase Rate Formula: category of marketing models called diffusion or penetration models o Provides information about diffusion of a product o Provides this information calculated over time o Works with a proposed acceptance rate o Controls for its own saturation levels Share of voice– Percentage of your company’s voice within the entire market’s
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  • Spring '18
  • Danny Weathers
  • new product development, researcher, Operationalization Concretization

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