BA 458
Session 3: Diffusion of Innovation
Innovators (2.5), Early Adopters(13.5), CHASM Early Majority(34), Late Majority (34), Laggards (16)
__________________________________________ is A strategy for new products that ensures that the team develops products in line with company objectives and market opportunities.
product innovation charter
____________________________ is A way to assess which new products would be the best ones to add to the existing line, given financial and strategic objectives, and manage NPD decisions
product portfolio
IDEO believes that hot groups are promoted by
putting group goals above individual interests
a new product includes
repositionings cost reductions improvements and revisions to existing products
Session 1: Tag Line for my classes
"Good fun while doing great work
Session 4: Universal Design
"the concept of designing all products and the built environment to be aesthetic and usable to the greatest extent possible by everyone, regardless of their age, ability, or status in life." Equitable Use (The design is useful to people with varied abilities.) Flexibility in Use (The design accommodates a wide variety of preferences) Simple and Intuitive to use Perceptible Information (The design communicates the required information to the user) Tolerance for Error (The design minimizes adverse consequences of inappropriate use.) Low Physical Effort (The design can be used efficiently by anyone with minimal fatigue.) Size and Space for Approach and Use (The product is easy to reach, manipulate, and use)
Session 1: StageGate
(insert Graphics) Stage-Gate® is a formal process that divides the product development process into specific stages. After each stage, specifically agreed results (e.g. a prototype, a market survey, or a testing plan) are delivered. Gates: Go/No-go decisions Gates are meetings where a designated management group (the gatekeepers) make a business decision about whether a project should continue or stop. Stages: Stage-Gate® divides the process into specific stages. After each stage, specifically agreed results (e.g. a prototype, a market survey, or a testing plan) are delivered. All stages cut across the organization, i.e. they include development within product design, marketing and manufacturing. The first stages are the least expensive. Although the subsequent stages are increasingly costly, they provide an increasingly sounder basis on which to assess whether it makes sense to continue or stop the project. Idea-> Concept->Business Case->Development->Market Testing->Commericalization (Associated screens and reviews)
Session 1: innovation continuum
runs from incremental process improvements to radically new business designs. (close Adjacencies->midrange->distant)
Session 2: Keys to NPD Success #2
2 - Front End Loaded Doing the right up-front homework What homework? And how much homework is enough? Get the market research right!!! Reduces time - doesn't add time! Sharpens product definition Gets the product specs right Confirms product design early in the process Minimizes last minute changes and panic Stages 0-2 in Stagegate
Which pair of processes is considered most similar? 1: Business Model Development and Total Quality Management 2: The New Product Development Process and Conjoint Analysis 3: The innovation Funnel and the Entrepreneurial Process 4: Job-To-Be-Done (JBTD) and the Product-Innovation-Charter (PIC)
3: The Innovation Funnel and the Entrepreneurial Process
One possibility for choosing high priority outcomes is to use a Likert-type approach and ask customers about the importance of the JTBD and ________________.
satisfaction with current solutions
Using the Nightline shopping cart project as an example, a condition NOT important for building a hot project group: 1:the group was irreverent and nonhierarchical. 2: The team worked in open, eclectic space great for flexibility, group work, and brainstorming. 3: The team allows even those not totally dedicated to achieving the end result to participate. 4: The team was well rounded and respectful of its diversity.
3: The team allows even those not totally dedicated to achieving the end result to participate.
innovation is the introduction of
something new that reduces the pain, solves the problem, creates value
_______________________is a formal process that divides the product development process into specific stages.
stagegate
According to the 2013 Global Entrepreneurship Monitor study, ________________ %of Americans are actively engaged in starting a business or are the owner/manager of a business that is less than three years old.
12.7%
what are the general types of entrepreneurship? (3 kinds)
1: classical entre. 2: corporate entre. 3: social entre.
which of the following phases will have the most potential products? 1: opportunity identification 2: opportunity selection 3: Launch 4: development
1: opportunity identification
Which of the following is NOT part of the IDEO approach to investigating how clients and products might interact in real settings? 1: pay particular attention to the things that bug you or customers in a situation. 2: embrace the crazy user. 3: focus on quantitative data collection in order to treat customers like statistics. 4: see products in motion by thinking verbs and not nouns.
3: focus on quantitative data collection in order to treat customers like statistics.
About what percent of new products fail?
40% but it depends on the industry
Which of these is NOT one of the five steps in opportunity identification? 1: determine high priority outcomes 2: identify and clearly state the JTBD 3: list the JTBD's outcome expectations 4: create and assess a solution matrix
4: create and asssess a solution matrix
According to IDEO, which of the following is not needed for strong team performance? 1: something to shoot for and be proud of 2: individuals given the chance to pick what groups they work for. 3: tangible goals 4: higher causes
4: higher causes
a product innovation charter (PIC) is a teams
strategy document
Business innovation is
the development and implementation of creative initiatives in any dimension(s) of the business system to create new value.
Session 5: Analyzing Market Opportunites
A Market Opportunity is a set of potential customers with a common set of needs that can be addressed by a technology or product in a profitable manner Market Opportunity Analysis is the process of identifying potential business opportunities by: Structuring an opportunity landscape Identifying an opportunity set within the landscape Evaluating the attractiveness of specific opportunities Market Opportunity Analysis should be conducted with a broad view of the market and a medium-term time horizon (3 to 5 years) and could be part of a company's Strategic Plan.
Session 4: Customer Insights and Understanding
A deep understanding of customer needs and frustrations that can become the basis for a business opportunity Comes from working harder, looking further, and using better tools and techniques to arrive at a special understanding Beyond the obvious interpretations of facts and observations Seeing what everyone has seen, but thinking what nobody has thought!
Session 5: Product Concept
A product concept is a verbal or prototype statement of what is going to be changed and how the customer stands to gain or lose. You need at least two of the three inputs to have a feasible new product concept, and all three to have a new product. Innovation can start with any of the required inputs ->Customer need -> develop technology ->produce form Develop technology ->find a match to some need in a customer segment-> produce form Push versus Pull? Envision form -> develop technology to produce the form -> test with customers to see what benefits are delivered
Session 4: Min. Valuable Product
A strategy used for fast market testing of a product or product feature Quickly puts a product or product feature in front of customers to test consumer response and then adapt it to what customers really want Targeted at avoiding building products that customers do not want Seeks to maximize the information learned about the customer per dollar spent An MVP has three key characteristics: It has enough value that people are willing to use it or try it or buy it It demonstrates enough future benefit to retain early adopters It provides a feedback loop to guide future development
Session 5: Value Proposition
A value proposition is a promise of value to be delivered with a convincing argument about why you can deliver on that promise. Until you can firmly offer a solid reason for why customers should buy from or hire you over everyone else, you'll compete on price. As you develop a strategy for your business you must create the value proposition of "why us" and build all of your marketing messages, products, services, processes and follow-up communication around supporting that proposition.
Session 8: Attribute Ratings (AR) Gap Maps
Begin with a set of attributes (features, functions, benefits) Gather customer perceptions (ratings) about the attributes Typically use a "Likert-type" scale 1-to-5 or 1-to-7 scale where endpoints are "strongly agree" and "strongly disagree" Result is a large amount of data that is not easy to interpret Attribute Ratings (AR) Data Cube
Session 2: Why Most Product Launches Fail
Biggest problem: lack of preparation Companies are so focused on designing and manufacturing new products that they postpone the hard work of getting ready to market them until too late in the game. Beware of the sales/market forecast "Hockey Stick". Other Reasons: Product falls short of claims and gets bashed, Company can't support fast growth, New item exists in "product limbo", Product defines a new category and requires substantial consumer education—but doesn't get it, Product is revolutionary, but there's no market for it
Customer attribute ratings are used to produce ________ gap maps
AR perceptual
Session 8: Gap Analysis
AR perceptual gap map based on "attribute ratings" by customers OS perceptual map based on "overall similarities" ratings by customers Determinant gap map usually produced from "managerial" input/judgment on products
Session 5: Principles of Open Innovation
Accept that "not all the smart people work for us." Perhaps also an avenue that HR should at least be aware of. Is both in- and out-bound: obtain knowhow technology, patents, etc.) from external partners, and also monetize technology (through licensing, sale, etc.) that is no longer consistent with corporate strategy It is not outsourcing! The external sources are viewed as complementary to internal sources so that innovation can be more efficient. Selecting the best partners is critical, and mutual trust is important. Often formal agreements such as Mutual Partnerships, Collaboration Agreements, Joint Ventures, Consortiums, and Long Term Agreements are established, sometimes on a project to project basis. Intellectual Property issues MUST be dealt with up front - common stumbling block.
Session 1: Why Concept
Align with people's values, don't just make a product
Session 3: Adoption of Innovation
An innovation is any good, service, or idea that someone perceives as new, no matter how long its history. The innovation diffusion process is "the spread of a new idea from its source of invention or creation to its ultimate users or adopters." In other words, it is the process by which consumers adopt innovations. Adoption is an individual's decision to become a regular user of a product. Steps include: Awareness Interest Evaluation Trial Adoption
Session 1: What is Business Innovation
Business innovation is the development and implementation of creative initiatives in any dimension(s) of the business system to create new value. New technology alone is not sufficient. New technology and new products need an innovative business model
Session 4: NPD "Big 3"
New Products Process (stage gate) A phased process that takes the new product idea through concept development, evaluation, development, launch, and post-launch. Product Innovation Charter A strategy for new products that ensures that the team develops products in line with company objectives and market opportunities. Product Portfolio (product platforms) A way to assess which new products would be the best ones to add to the existing line, given financial and strategic objectives, and manage NPD decisions
Session 1: The Critical Need for Innovators
Companies regarded as more innovative grew net income over two times faster and their market capitalization nearly two times faster from 2006 to 2010 compared to their non-innovative counterparts
Session 5: Ideas and Concepts
Concepts: A concept is a more specific version of the product idea. Concepts allow companies to determine what the product will look like, including special features, styles or dimensions. (mock-ups, prototypes, etc.) Companies create different versions of concepts before narrowing their plan down to one specific product. Allows for input from consumers who will ultimately determine the product's success Ideas: Ideas Come From Everywhere Internal (The Boss", R&D, In-house experts, Employees, Feedback from the frontline/sales force) External (Customers, Business partners, Competition--Leap frogging--Keep close attention of their activity with your customer / market including patents and reports during conventions etc., Crowdsourcing)
Session 3: Issue with "Typical Approach"
Consumers usually don't go about their shopping by conforming to particular segments. Customers can't articulate the innovations that they want. Rather, they take life as it comes. And when faced with a job that needs doing, they essentially "hire" a product to do that job. People don't adopt things because they are members of some market segment. Segments are transient. There is a job to be done.
Session 5: Valur Proposition typicaly include
Customer context What customers & scenarios is your new product best designed for? Promise Why is this product important to your customers? What benefits do your customers receive from your new products? Are you saving customers' time or money? Are you making their lives easier, more productive, or more efficient? Differentiation How is your product better than alternatives? What are the differentiating points? What is your product's competitive advantage? What are the unique, rare, and hard to imitate qualities that give your product/service an advantage over other products? Support for claims Why should the customer believe your claims? Cost What is the total cost of using your product? Effort What do customers need to do to make your product useful? Risk What could go wrong with your product?
Session 1: Innovation Funnel Graphic
The different product innovation processes relate to different stages of the "innovation funnel" - the progression from a broad set of innovation ideas to actual implementation and commercialization. Opportunity Identification->Opportunity Selection->Development & Testing-> Production & Launch (Gets Progressively Narrower)
Session 3: Understanding Customers
Customers don't care about your products. They care about their problems. But they aren't good at telling you how to solve their problems. You have to ask the right questions. The starting point for understanding customer problems is to focus on the outcomes that customers seek, and the activities that they perform to achieve these outcomes. By focusing on the gap between desired outcomes and actual outcomes, we can begin to understand customer problems and then the solutions that might address the underlying problems.
Session 2: Keys to NPD Success #1
Customer Focus Developing and delivering new products that are differentiated, solve major customer problems, and offer a compelling value proposition Begins with a thorough understanding of the customers' unmet and unarticulated needs through direct customer interaction. The customer or user must be an integral part of the entire development process but beware of leakage
Session 5: Pains and Gains
Customer Segment (Gains, Pains, Customer Jobs) <-> Value Proposition (Gain Creators, Pain Reducers, Product and Services)
Session 1: Why are we in this class
Expanding career opportunites
Session 2: Stagegate Go/No Go
Gates are meetings where a designated management group (the gatekeepers) decide whether a project should continue or stop. The project manager and his/her team present the results of the stage just completed. The gatekeepers assess the results on the basis of the criteria agreed which must clarify: whether the work has been performed, the results agreed are present, and the quality of the work is up to par; whether the project is still commercially attractive; whether the schedule and budget are still viable; and the plan ahead, including the results to be delivered after the next stage, the time schedule and the resources needed by the project manager and the group in order to deliver the results.
Session 3: Jobs to be Done, Opportunity Justification, Solution Resumes
Defining target outcomes is an important element of NPD opportunity identification. Steps: Identify and clearly state the Job To Be Done List the JTBD's outcome expectations Create outcome statements Determine high priority outcomes Create a solution résumé for your NPD idea Job Statements usually take this form: <Action verb> <Object of action> <Context clarifier> Understanding your customer's JTBD is important but not enough. NPD starts with understanding the problem to be solved and your product's JTBD(s). But you also need to define the outcomes that will determine success. Innovation is measured by impact. Outcome expectations give a clear view of what the customer does and doesn't want and what the provider does and doesn't want.
Session 4: NPD Strategy
Drivers of NPD: - Customer Focused, Front End Loaded, Clear Strategy, Portfolio Management Top performing companies put a product innovation and technology strategy in place Different than business strategy Driven by the leadership team and the strategic vision of the business This product innovation strategy (charter) guides the NPD direction Helps to steer resource allocation & project selection Defines the role that new products and technologies will play in achieving overall business goals and defines what "arenas" or battlefields will be entered as a result
Session 7: Primary Research
Experiments: Primary distinguishing feature is that that you manipulate the environment in order to measure the impact. Laboratory and Field Tests Non-Experimental / Qualitative (In-depth interviews, Survey, focus groups) Used to help answer the reason why consumers become aware / unaware of the products, buy / not buy the product, satisfied / not satisfied with the product Lacks numerical measurement and statistical measurements and analysis and typically involve in-depth and subjective understanding of the consumer.
Session 8: AR- Factor and Cluster and Phantom
Factor Analysis: Reduces the original number of attributes to a smaller number of factors, each containing a set of attributes that "hang together" that can explain most of the variation in perceptions In many cases you can use the "80-20 rule" where two or three factors will provide 70% - 80% of the explained variance. Cluster Analysis: Reduces the original number of respondents to a smaller number of clusters based on their benefits sought, as revealed by their "ideal brand" Phantom: The product attributes that people can't identify or can't quantify are called "phantom attributes."
Session 1: New Products
Failure Rate depends on Industry (ie not crowded, concentrated, fragmented),Companies that maintain their commitment to new products are rewarded with revenue and profits! - But be careful of the rabbit hole.
_____________ is a technique which uses maps of the market to determine how various products are perceived by how they are positioned on the market map.
Gap analysis
Session 1: BA 458 Definition of Innovation
Innovation is the introduction of something new that reduces the pain, solves a problem, creates value. Value is determined by adoption. (Adoption = "has impact")
Session 5: Greenfields and Strategies
Greenfield opportunity - a marketplace that is completely untapped and free for the taking, something completely new to a company Strategies: Find another location or venue. Leverage your firm's strengths in a new area. Identify a fast-growing need, and adapt your products to that need Find a "new to you" industry
Session 2: Challenges and Risks in NPD
High failure rate from: Market uncertainty Technology and development risk Lack of good NPD processes Poor NPD execution Failure to understand customers Failure to launch
Session 2: NPD Process
Idea Generation->Market Potential->Concept Testing->Design and Development->Beta Testing->Launch
Session 2: What is a New Product:
Improvements and revisions to existing products: Current products made better Make sure the customer wants / needs a better product Repositioning: Products that are retargeted for a new use or application OR retargeted to new users or new markets Remember our Garmin discussion Cost reductions: New products that provide the customer similar performance but at a lower cost Most applicable in mature products or industries
Session 2: Types of Innovation
Incremental Innovation - improvements to an existing product, service, or process. Incremental innovation is a series of small improvements or upgrades made to a company's existing products, services, processes or methods. The changes implemented through incremental innovation are usually focused on improving an existing product's development efficiency, productivity and competitive differentiation Breakthrough products and services are which give the customer a product which is technologically and creatively superior to the existing product which is present in the market Breakthrough Innovation - changes to an existing product, service, or process that has a significant impact on the business. For example, it could open up a new consumer category for the business, or change the way existing customers interact or perceive the organization. This innovation results in a company leap-frogging ahead of its competitors - but the innovation originates from core organizational offerings. Disruptive technologies bring to a market very different value proposition than had been available previously. New products or services that enter at the bottom of the market and overtime move up and displace established market leaders. Game / World Changing Innovation - New-to-the world products beyond the existing base of products or services.
Session 3: Diffusion of Innovation--Types of People
Innovators: first 2.5% (Visionary, imaginative, idealistic, often technology enthusiasts, Venturesome and enjoy playing with new products and mastering their intricacies, Willing and able to take risks) Early adopters: next 13.5% (Opinion leaders who carefully search for new technologies, Love gaining an advantage over their peers - social prestige is a big driver (no pun intended), Economically successful, confident, socially respected, informed, like talking - a LOT, Even more influential as opinion leaders) Early majority: next 34% (More risk averse, Want proven benefits, Followers, cost sensitive, risk averse, hate complexity, love to hear "user friendly", Waiting to hear about favorable experiences) Late majority next 34% (Conservative pragmatists who hate risk and are uncomfortable with new ideas, Rely on consistent messages received via word of mouth, Often older and more conservative, Have a fear of not fitting in) Laggards or non-adopters last 16% (Most risk averse - skeptical of new products, Bound to tradition and resist the innovation until the status quo is no longer defensible, Often cannot afford risk or don't understand it (lower income/education status))
Session 7: Types of Secondary Research
Internal records generated and held internal by the firm: Sales records, Call Reports, Accounting Records, Other databases already purchased by other departments Data gathered outside the firm Both types of secondary research methods offer potential advantage over primary data in their timely availability and cost Secondary data must be carefully checked for accuracy and relevance. Make sure the sources are vetted. Be sure that the data is time-relevant especially in the current fast pace of technology and social trends
Session 5: Lead Users
Lead users face needs that will be general in a marketplace but face them months or years before the rest of the market encounters them. Lead users are positioned to benefit significantly by obtaining a solution to those needs. In many cases, lead users have already begun to solve their own problems, or can work with product developers to anticipate the next problem in the future. Lead users are often thought leaders and "fans" who influence later adopters. Embedded Lead Users Lead users don't have to be outside your company Some companies "embed" lead users as employees - even as board members CTOs often have this role Companies like Apple and Google are full of people who are user innovators — almost religiously — and their needs are ahead of the market
Session 1: Newness of Products
Low Newness to Company & Low New to World: Product Line Ext. Low Newness to Company & High New to World: Product Improvement High Newness to Company & Low New to World: "Me Too" Products High Newness to Company & High New to World: Breakthorough
Session 5: Pillars of Market Opportunity Analysis
Market Analysis, Competitor Analysis, Customer Analysis, Technology/Innovation Analysis
Session 7: Secondary Research
Market research that's already compiled and organized for you. Secondary research uses outside information assembled by government agencies, industry and trade associations, labor unions, media sources, chambers of commerce, and so on. It's usually published in pamphlets, newsletters, trade publications, magazines, and newspapers. Secondary sources include the following: Public sources. These are usually free, often offer a lot of good information, and include government departments, business departments of public libraries, and so on. Commercial sources. These are valuable, but usually involve cost factors such as subscription and association fees. Commercial sources include research and trade associations, such as Dun & Bradstreet and Robert Morris & Associates, banks and other financial institutions, and publicly traded corporations. Educational institutions. These are frequently overlooked as valuable information sources even though more research is conducted in colleges, universities, and technical institutes than virtually any sector of the business community
Session 1: Misconceptions about Innovation
Misconceptions: 1) Only a select group of people should drive a company's innovation activities 2) Innovation is all about "big bangs"--It's ok to play "small ball"
Session 1: Office Hours
Mon & Wed 10:30am - 11:30am, Tue 4:30pm - 5:30pm and by appointment
Session 2: NPD in reality
Most companies use a flexible interpretation of the basic process that allows overlapping phases and fuzzy gates. As long as it doesn't lead to fuzzy results But most companies follow a similar flow: Generate ideas Scope and select concepts Generate a business case and execution plan Do the development work Test and validate the design Launch the product Product development has huge business impact. Most new-product activity is devoted to improving existing products. 44% of NPD projects fail to meet profit objectives Only one in seven concepts is a winner
Session 2: Keys to NPD Success- Customer Focus Key Principles
Must understand customer value Focus on their unspoken, unarticulated and often hidden needs Go beyond wants, requests and specifications Must be face to face - touching real customers The entire project team At multiple customer sites Must have constant customer interaction, testing & validation of the product as its evolves from idea to concept to final product
Session 4: Product Innovation Charter (PIC)
New Product Team's strategy document for Products (not processes) for Innovation (new things having impact) it is a Charter (document specifying how the company will operate) Typically prepared by senior management to provide guidance to strategic business units about the role of innovation in the company
Session 5: Concept vs Idea
Potential customers can't judge the value of an idea - too vague - too many possible interpretations Product concept is needed to judge whether the idea is worthy of development Product concept allows people to assess the value of specific idea implementations
Session 7: 4 Stages of Primary Research
Problem Statement What decision is to be made? What information will assist in making the decision? Questionnaire Design What information do you want to collect in interviews? What interview questions can get you that information from respondents? How should the questions be phrased? How are you going to contact the respondents? Sampling Who should your respondents be? How many should you get? Data Analysis How do you tabulate, summarize, and draw inferences from your data?
Session 1: Product Development Cycle
Product Development, INtroduction, Growth, Maturity, Decline
Session 4: Purposes and Elements of PIC
Purpose: Focus and integrate team effort Enable delegation and continuity Establish the size and range of the "sandbox" Elements: Background: "Why did we develop this strategy?" Focus or Area: technology and market drivers that fit and have good potential Goals and Objectives: profit, growth, market status
Session 5: Major Trend in Innovation
Relying on external input in innovation processes: 1. Open Innovation In a world of widely distributed knowledge, companies cannot afford to rely entirely on their own research, but should instead buy or license processes or inventions (i.e. patents) from other companies. Patent holders are also looking to sell their IP Let the world know you are looking In addition, internal inventions not being used in a firm's business should be taken outside the company 2. Co-creation: Co-creation views markets as forums for firms and active customers to share and combine each other's resources and capabilities to create value through new forms of interaction, service and learning mechanisms. Co-creation operates like crowdsourcing by seeking information and ideas from a group of people. There is, however, one crucial difference. The call is not put to an open forum or platform but to a smaller group of individuals with specialized skills and talents. 3. User Innovation 4. Crowdsourcing
Session 2: Recognizing Opportunities
Three primary ways to identify an opportunity Observing trends Economic, Social, Technological, Political, Regulatory Solving a problem Finding gaps in the marketplace
An entrepreneur is someone who _______ a business venture and assumes the ________ for it.
organizes; risk
Session 3: Brainstorming & ways to kill a brainstorm
Trial and error, brainstorming new ideas Some ideas fail, but the more options you have the more likely you are to succeed The Boss Gets To Speak First: sets the bar and limits the brainstorm Everybody Gets A Turn: holds people back, wrecks "vibe" Experts Only Please: invite everyone, different perspectives Do It Off Site: distractions...you want the buzz in the office not at the beach No Silly Stuff: no such thing as a dumb idea Write Down Everything: note-taking can hold you back
the purpose of PIC is to focus and integrate team effort (T/F)
True
Session 3: New Products from the Customer Point of View:
When planning new products, companies often start by segmenting their markets and positioning their products accordingly. Segmentation usually involves dividing the market into product categories function or features or price or ... dividing the customer base into target demographics age, gender, education, or income level or ... Segments are sized then targeted. Product features are chosen based on segmentation. Competitor features are sometimes copied. We see this over and over and over and over... And ... too often ... nothing great happens!
A verbal and/or prototype expression that tells what is going to be changed and how the customer stands to gain or lose is best described as a ___________.
product concept
Sir Tim Berners Lee is an example of a lead user whose quest for a solution led to the creation of the ______________.
World wide web
entrepreneurship is the art of turning an idea into________________
a business
"Top-two-boxes" total is a good predictor of actual market results when calibrated against: customer attribute ratings a determinant map a list of JTBD's outcome expectations A database of experience with similar products in similar markets.
a database of experience with similar products in similar markets.
In AR perceptual gap mapping, individual respondents can be grouped together into benefit segments based on their preferences through the use of ______________.
cluster analysis
a ____________ is a more specific version of a product idea.
concept
the four drivers of NPD performance is
customer focused front end loaded clear strategy portfolio management
A Market Opportunity is a set of potential _________ with a common set of __________ that can be addressed by a technology or _________ in a profitable manner.
customers; needs ;product
Minimum viable product is used for
fast market testing of a product or product feature
the new product development process (NPD) steps are
idea generation market potential concept testing design and development beta testing launch
most new product activity is devoted to
improving existing products
why do most product launches fail?
lack of preparation
_________________________________________ is a phased process that takes the new product idea through concept development, evaluation, development, launch, and post-launch
new product process
The objective of ________ is for a company to access the global R&D community, even beyond the confines of its own industry, in order to accelerate its speed of research and innovation.
open innovation
Session 1: Companies need?
they need to fill those positions with skilled workers who can contribute effectively in a highly sophisticated and technical business environment.
the entrepreneurial process involves all the elements of the business process. t/f
true
IDEO method is
understand observe visualize evaluate and refine implement
The IDEO method of product development begins with
understanding the market, client, technology, and constraints.
A goal of product development is to design and deliver __________ for well-defined _______ markets.
value; target