Mkt 410 exam 3

Why are "medium reviews" a fertile resource for finding and screening ideas for improving current products?

"Medium reviews" refer to feedback or reviews that fall in the middle range of satisfaction or dissatisfaction with a product or service. - Balanced perspective - Specific feedback- Identifying trends- Actionable insights - Competitive advantage - Customer retention- Refinement of features - Maintaining reputation Overall, medium reviews offer a rich source of information for companies looking to fine-tune their products or services based on real-world feedback from their customers. By paying attention to this feedback and using it to drive improvements, companies can enhance customer satisfaction, loyalty, and ultimately, their bottom line.

In a morphological analysis you:

- Break the idea of the product into its key components and functions - List all the ideas you can generate for each function- Look for innovative combinations that can spark new ideas - Select one solution from each column and then try to integrate the solutions into a complete concept

Define the Problem or Opportunity:

- Clearly articulate the problem that needs solving or the opportunity that needs exploring. - Conduct research to understand user needs, market trends, and any existing solutions.

Research and Discovery:

- Conduct in-depth research to gain insights into user behaviors, preferences, and pain points. - Analyze competitors and industry trends to identify opportunities for innovation.

Testing and Quality Assurance:

- Conduct thorough testing to ensure that the final product meets quality standards and functions as intended.

Prototyping:

- Create prototypes or mock-ups to visualize and test the concept. Prototypes can be low- fidelity (e.g., sketches or wireframes) or high-fidelity (e.g., interactive prototypes or physical models).

Advantages:

- Efficient for high production speeds and volumes - Low costs per part produced - Repeatability - Many options for materials (plastic, silicone, etc.) - Low cost- Enables high precision/detail

In the Nissan video, which steps did we see and what were the major purposes of each?

- Figure out how customers use the vehicle - Create visually inspiring cars - Build design concepts using 3D concepts (use alias) - Must have artistic eye and technical sense to interpret drawing - Could be made in a physical sense using clay or mold - Or created with VR goggles - Use clay models to make cars - Collaborate with others to find limitations and opportunities - Realize 3D properties as verification - Use clay to reshape, remill, modify - Use white light scanning to go from physical property to virtual space on computer - Color affected by customer needs and unique product - Gather inspirational materials and objects for color design

Finalization and Detailing:

- Finalize the design, incorporating all refinements and adjustments. - Create detailed documentation or specifications for production or implementation.

Post-Launch Evaluation:

- Gather feedback from users after the product is launched to identify areas for further improvement.

Testing and Evaluation:

- Gather feedback from users through user testing, surveys, or focus groups. - Evaluate the prototype against the defined criteria and iterate based on user input.

Ideation and Brainstorming:

- Generate a wide range of ideas, without judgment, to explore potential solutions. - Use creative thinking techniques like brainstorming, mind mapping, or morphological analysis.

Disadvantages:

- High initial costs for steel or aluminum molds - Lead times (can be 10-12 weeks) Design limitations - Shorter runs can be pricey

Launch or Deployment:

- Introduce the product, system, or service to the market or intended users.

To calculate TAM, several variables are taken into consideration:

- Market Size: This is the total size of the market in terms of revenue or sales. It's important to have accurate data on the current market size. - Customer Segmentation: Understanding the different segments or sub-markets within the overall market is crucial. This can include demographics, industries, geographic regions, or other relevant factors. - Pricing and Revenue Models: Consider how the product or service will be priced. This can range from one-time purchases to subscription models, licensing fees, or other revenue streams. - Market Trends and Growth Rates: Analyze historical market trends and projected growth rates. This information helps estimate future market size.

Production or Implementation:

- Prepare the design for production or development. This may involve creating final assets, code, or manufacturing plans.

Concept Development:

- Select the most promising ideas from the ideation phase. - Develop these ideas into more detailed concepts, considering factors like feasibility, desirability, and viability.

What are the typical steps for researching a new idea or concept?

- Solicit early consumer reactions - Revise the concept, then run focus groups and/or interviews - (likely have a market- research firm involved by now) - Decide upon key attributes and design criteria - Analyze data, estimate the total size of the market - Build one or more buyer persona profiles - Keep researching and revising! Popular research tools to add at these stages include conjoint analysis

What are the primary types of test markets, and how to they differ?

- Standard test markets: you select a small number of representative cities in which to try out the full marketing mix - Controlled test markets: are less expensive, smaller-scale tests where we pay a few stores to carry the product (usually in retail stores with free samples etc.) - Simulated test markets are like experiments (e.g., give consumers some set amount of money to spend, show them ads, and examine their responses)

These three elements work together to enable the creation of complex, three-dimensional objects with intricate geometries that would be challenging or impossible to produce using traditional manufacturing methods. The versatility of 3-D printing makes it a valuable tool in various industries, including aerospace, healthcare, automotive, and many others.

- The prototype is usually printed in a pale ivory or grey color - In some cases, the purpose of having a prototype is to ensure the ergonomics of the product are where you intended and to make modifications if needed - A prototype might also be used for photos, presentations, and marketing. In these cases, the 3D printed model gets finished to look like the real, functioning product. - With a 3D printer, you can build models and prototypes featuring ultra-precise details

MARKET TESTS HAVE THEIR LIMITATIONS

- The test area might not adequately represent the larger market - Environmental changes might occur between the test and launch Competitors might actively disrupt or "jam" your test

Refinement:

- Use feedback to refine and improve the design. This may involve making adjustments to the prototype, features, or user interface.

Best Practices:

- User-Centered Approach: Keep the end-users in mind throughout the entire design process. Understand their needs, preferences, and pain points. - Iterative Process: Design is often an iterative process. Continuously gather feedback, refine, and iterate on the design to improve it. - Cross-Disciplinary Collaboration: Encourage collaboration between designers, engineers, marketers, and other stakeholders to ensure a holistic and well-rounded solution.

In the context of 3-D printing, open-source technology has played a significant role in the rapid growth of the industry. Here's how:

1. Accessible Knowledge: Open-source 3-D printing projects provide access to detailed information, including hardware designs, software code, and documentation. This allows enthusiasts, makers, and professionals to learn and understand how 3-D printer's work. 2. Community Collaboration: Open-source 3-D printing projects encourage collaboration among a global community of enthusiasts, engineers, designers, and hobbyists. They can contribute to the improvement and refinement of existing designs or create new ones. 3. Customization and Modification: Open-source technology enables users to customize and modify 3-D printer designs to suit their specific needs or preferences. This flexibility has led to the development of specialized printers for various applications.

Disadvantages of Test Marketing:

1. Cost and Resource Intensive:- Test marketing can require a significant investment in terms of time, money, and resources, especially if conducted in multiple locations. 2. Limited Geographic Scope:- Test marketing may not accurately represent the broader market due to the limited geographic area, potentially leading to skewed results. 3. Potential for Imitation:- Competitors may observe the test market and potentially mimic successful strategies or rush to market with similar offerings. 4. Time Constraints:- Test marketing can extend the time to market for a product, which may not be ideal if there is a need for rapid market entry.

Benefits of Using AI in Product Design:

1. Enhanced Design Optimization:- AI algorithms can quickly analyze vast amounts of data to optimize design parameters, leading to more efficient and effective products. 2. Rapid Prototyping and Iteration:- AI-powered tools can generate prototypes and simulate performance, allowing for faster iterations and refinement of designs. 3. Generative Design:- AI can generate design options based on input constraints and objectives, leading to innovative and optimized solutions that human designers may not have considered. 4. Predictive Analysis:- AI can simulate and predict how products will perform under various conditions, allowing for design adjustments before physical prototypes are produced.

Advantages of Test Marketing:

1. Gathers Real-world Data:- Provides valuable, real-world data on how the product performs in an actual market environment with real consumers. 2. Reduces Risk:- Helps mitigate the risk of a full-scale launch by identifying potential issues, weaknesses, or areas for improvement before committing significant resources. 3. Refines Marketing Strategies:- Allows for testing and refining of marketing strategies, messaging, and promotional tactics to better resonate with the target audience. 4. Optimizes Pricing Strategy:- Enables testing of different pricing models and strategies to find the optimal price point that maximizes profitability and customer acceptance.

Limitations of Using AI in Product Design:

1. Lack of Human Creativity and Intuition:- AI lacks the human touch, intuition, and creativity that can be critical in certain aspects of design, especially in more artistic or abstract domains. 2. Ethical and Bias Considerations:- AI systems may inadvertently introduce biases or ethical concerns into the design process if not carefully monitored and controlled. 3. Data Dependence:- Effective AI design tools require access to large, high-quality datasets for training. In some cases, obtaining or curating such datasets can be challenging. 4. Complexity and Expertise:- Implementing AI in design may require specialized knowledge and expertise, making it potentially challenging for smaller or less tech-savvy design teams.

2. Digital Design and Modeling

3-D printing requires a digital design or model of the object being created. This design is typically created using computer-aided design (CAD) software, which allows for precise control over the dimensions and details of the object.

1. Additive Process:

3-D printing, also known as additive manufacturing, involves building objects layer by layer. This contrasts with subtractive manufacturing processes, which involve removing material from a larger block.

What are the three necessary elements of truly "3-D printing"?

3-D, Additive, Layers

What characteristics make for a good test market?

A good test market is characterized by several key attributes that make it an effective environment for testing a new product, service, or marketing strategy. These characteristics include:

What is an attribute listing, and how it is used?

Attribute listing is a creative thinking technique used to generate ideas or solutions by breaking down an object, process, or problem into its individual attributes or characteristics. These attributes are then manipulated or modified to generate new possibilities.

What is a conjoint analysis, and how is it used?

Conjoint analysis is a market research technique used to understand how different attributes or features of a product or service influence consumer preferences and decision-making. It helps businesses determine which combination of attributes is most appealing to their target audience. 1. Select attributes and levels 2. Create profiles3. Choice tasks4. Data collection 5. Data analysis6. Market simulation

- List Attributes:

Create a list of all the individual attributes or characteristics associated with the chosen object or problem. These attributes can be physical, functional, qualitative, or any other relevant characteristics.

There is Engineering Design

Design of the appearance of, technology behind, and experience using the product - think of delivering the desired benefits found via marketing research

There is Manufacturing Design:

Design of the materials and manufacturing processes so that the product can deliver on our promises - think of price, quality, and reputation goals

There is Marketing Design:

Design of the offering around "the problem" and the jobs to be done for consumers in the market

What are the primary options that companies have for getting the components and manufacturing help they need?

HOW TO GET THE PARTS YOU NEED? 1. You can work with one or more companies who will build the whole thing for you 2. You can buy parts that already exist 3. You can get specific components that are designed and made for you 4. You can manufacture all or part of the product yourself WHERE DO LEARN ABOUT THESE OPTIONS? - Potential suppliers - especially wholesalers - The Thomas Register - probably the single best source on manufacturers

How does injection molding differ from 3-D printing? What are its advantages and disadvantages?

Injection molding is ideal for high-volume production of standardized parts, while 3-D printing excels in prototyping, customization, and producing complex, one-off designs.

What is a morphological analysis, and how is it used?

Morphological analysis is a structured creative thinking technique used to generate and explore a wide range of possible solutions or ideas for a given problem or challenge. It involves breaking down a complex problem into its constituent parts (morphemes) and systematically combining them to create new solutions.

- Select and Implement:

Once you have a pool of ideas, select the most promising ones, and develop plans for implementation or further testing.

- Manipulate Attributes

Once you have the list of attributes, you can start manipulating or modifying them. This can involve changing the size, shape, color, material, functionality, or any other aspect of each attribute.

What is open-source technology, and how has it contributed to the rapid growth of 3-D printing?

Open-source technology refers to software or hardware whose design, code, or specifications are made available to the public for use, modification, and distribution under licenses that allow for free access and collaboration. This means that anyone can view, modify, and share the underlying technology.

Injection molding and 3-D printing are both manufacturing processes, but they operate on fundamentally different principles. Here are the key differences between the two:

Process: - Injection Molding: Injection molding is a subtractive manufacturing process. It involves melting a thermoplastic material and injecting it into a mold cavity. Once the material cools and solidifies, the mold is opened, and the finished product is ejected. - 3-D Printing (Additive Manufacturing): 3-D printing is an additive manufacturing process. It builds objects layer by layer from a digital model. It adds material where needed to create the final product. Material: - Injection Molding: It primarily uses thermoplastic or thermosetting polymers as raw materials. These materials are heated until they are molten and then injected into the mold. - 3-D Printing: It can use a wider range of materials, including various plastics, metals, ceramics, and even some composite materials. The material is typically in the form of filaments, powders, or liquid resin.

- Evaluate and Refine:

Review the generated ideas and evaluate them based on their feasibility, practicality, and potential benefits. Some ideas may be refined or combined to create even stronger concepts.

- Identify the Object or Problem:

Start by clearly defining the object, process, or problem you want to explore. This could be anything from a product, a system, a service, or a specific challenge you're facing.

What is a TAM?

TAM stands for Total Available Market. It represents the total revenue opportunity that exists within a specific market for a product or service, assuming 100% market share and no competitive constraints.

What are the advantages and disadvantages of test marketing

Test marketing, also known as market testing, involves launching a product or service in a limited geographic area or a specific segment of the target market to evaluate its performance before a full-scale launch. Here are the advantages and disadvantages of test marketing:

3. Layer-by-Layer Building:

The 3-D printer interprets the digital model and builds the object layer by layer, adding material where needed. This additive process continues until the entire object is created.

What are the decisions and priorities involved in Design for manufacturing?

The basis for planning and executing mass production of your new product - as inexpensively as possible at a given level of quality The DFM process typically has 5 steps: - Estimate the manufacturing costs - Reduce the costs of components - Reduce the costs of assembly - Reduce the costs of supporting production - Consider the effects of DFM decisions on other factors

What are the major considerations in moving from a market test to full launch?

The product is now in the Introduction stage of the product life cycle Major factors to consider: - Timing (e.g. ice cream in summer or winter; or near the time of major events) - Tactics and investment level for launch (how to promote, how it will be sold, coordination with the rest of the business) - Where the launch happens (many areas at once, or according to a sequence, etc.)

What are some typical ways that innovative companies eliminate (or "screen out") ideas that aren't practical?

These types of ideas get cut:- Ideas requiring technologies the firm does not have- Ideas to be sold to customers about whom the firm has no close knowledge- Ideas that offer too much (or too little) innovativeness.- Ideas wrong on other dimensions: not low cost, too close to certain competitors, etc. Innovative companies use these methods: - Feasibility studies- Prototype development and testing - Market research and validation- Cost-benefit analysis- Risk assessment - Expert consultation

- Generate Ideas:

Use the modified attributes as prompts to generate new ideas, concepts, or solutions. This can lead to a wide range of creative possibilities that may not have been immediately obvious when considering the object or problem.

Best Practices: Mechanical or C.A.D drawings

• Industrial designers or mechanical engineers input your drawings into a 3D software program • This gets the concept ready for 3D printing or prototyping• Exact measurements are defined, and the initial stages of manufacturing and tooling are thought out• Industrial designers and mechanical engineers create molds from these drawings, so it is very important at this stage to have every little detail of your concept figured out

Best Practices: Hand sketches/drawings

• Sketch all the ideas you have• Draw every little detail you can think of• Add notes or arrows to highlight important information on the drawings