Week 1 Introducon Pressures driving product innovaon Supply exceeding demand

Week 1 introducon pressures driving product innovaon

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Week 1: Introduc;on Pressures driving product innova;on: - Supply exceeding demand - Globaliza'on - Increasing price wars - Shrinking proYts - Brands becoming too similar - Evolving technology - Changing consumer needs. Product innova;on is the crea'on and subsequent introduc'on of a good service that is either new, or improved on previous goods or services of its kind. Product development is the development of new products, changes in design of already established products, or use of new materials or components in the manufacture of established products. It is the overall process of strategy, organisa'on, concept genera'on, product and marke'ng plan crea'on and evalua'on as well as commercialisa'on of a new product Incremental: ReYnements, improvements, exploita'on of exis'ng technology used by the Yrm. - New category entry - Addi'ons to exis'ng product lines - Improvements and revisions of products
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- Reposi'oning brand or product - Cost reduc'ons Why do some products fail? - Lack of customer or user input or insight - Weak front end homework – market, consumer and technical assessment - Lack of con'nuous ‘so what’ assessment - Unstable product speciYca'ons - Dysfunc'onal project teams, lack of interfunc'onal coopera'on - Too many projects in the pipeline and no focus - Lack of management skills, competencies and knowledge. The Innova;on Performance Framework: 1. Strategy for product and Innova'on technology clearly deYned 2. Resources: Commitment & poraolio management. Adding the resources to the right strategic arenas and right types of projects. 3. Process: Idea to launch system: STAGEGATE. An up to date process for driving development projects to market. 4. Having the right Climate, culture, teams and leadership for innova'on. NPD WHEEL: 7 dimensions of cri;cal program level success 1. Strategy: DeYning and planning of a vision and focus for research and development, technology, product development eXorts, division, product line and individual project levels. Strategic plan helps the Yrm create a mission, and aim for goals aligned with their mission 2. Research: Applying techniques to sense, study and understand customers, compe'tors and macro environmental forces. Can be done via surveys, focus groups, ethnographic study, social media tracking, blogs, etc. Products should also be tested and evaluated in the market. 3. Commercialisa2on: Ac'vi'es rela'ng to marke'ng, launch, and post launch management of new product. 4. NPD Process: Implementa'on of product development stages and gates for moving products from concept to launch. STAGEGTE PROCESS.
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5. Project climate : the leading, mo'va'ng, managing and structuring of individuals and team human resources. Cross func'onal teams with a project leader. Intra company integra'on and the process, tools and approaches that underlie it.
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  • Three '17
  • Marketing, new product development, Strategic business unit, Nico Li

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