Summary: Product Innovation Processes

Read the summary and the most important questions on Product innovation processes

• 2 Lecture 2

• 2.1 Strategic planning for product innovation

  This is a preview. There are 4 more flashcards available for chapter 2.1
  Show more cards here

• Product innovation strategy:

  Provide direction for filling the funnel:
  

  • Gap in product portfolio?
  • Focus on specific technology, market, trend?
  • Develop new product platform?
  • Develop new product for existing platform? 

• Product platform planning:

  • Technological platforms (shared components)
  • Category platforms (shared design or technology)
  • Brand platforms (shared brand values)

• The product innovation charter

  Agreeing on focus, goals, and guidelines

• Of what does the PIC consist

  • To chart the new product teams' direction (what technologies, what markets)
  • To set the teams' goals and objectives (why does the project exist?)
  • To tell the teams how they will play the game (what are the constraints? other key information)

• 2.2 Opportunity & Problem Identification

  This is a preview. There are 1 more flashcards available for chapter 2.2
  Show more cards here

• Three basic types of opportunities:

  • Need (why?)
  • Form (What?)
  • Technology (How?)

• Importance of customer analysis:

  ‘The most successful new products match a set of fully understood consumer problems with a cost competitive solution to these problems.’

• Why customers buy a product:

  • Features (What the product consists of)
  • Functions (What the product does and how it works)
  • Benefits (How the product provides satisfaction to the user)  

  
  These match with customers' problems, needs, wants, motivation, values and usage context

• What do we get from customer analysis?

  For opportunity or problem identification & analysis:
   Identifying problems and needs (What?)
   Understanding motivations, values and root causes (Why?)
   Understanding the problem / usage context (When and Where?)
   Understanding the user characteristics (Who?)    
  red= constraint, blue= problem/opportunity

• High-level vs. low-level problems

  • Leaf problems = consequences (lowest level)
  • Central or core problem
  • Root problem = causes (highest level)  

• 2.3 Customer Analysis Methods

  This is a preview. There are 7 more flashcards available for chapter 2.3
  Show more cards here

• One-on-one interviews:

  • Questioning individuals about product use and problems
    
  • Phone, lab, on the street

  
  Advantages:
   Easy in-depth questioning (why?, when?, where?) 
   Can be informal & inexpensive, 
  
  Disadvantages:
   but also very expensive & time consuming