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Identifying Winning Products
 

Identifying Winning Products

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  • There are a range of things which make up a winning product, these range widely and some have a direct impact whilst others have an indirect impact.
  • Research underpins a product development programme. It helps to define where the ideas came from and provide a clear illustration of the projects direction and intent.It provides an excellent insight into what the person/organisation are like: gung ho? Organised?A research platform provides a secure basis for the creation, protection and defence of IP. It provides a chain of custody and a coherent rationale about the problems and the downstream solutions.
  • There are very few ideas out there that don't require a lot of work to realise. Even the simplest product requires a huge effort to productionise to enable thousands of products to be made. This diagram illustrates the basic principle that to achieve a greater degree of change it takes a greater research base and in turn has a direct influence on project scope.

Identifying Winning Products Identifying Winning Products Presentation Transcript

  • Identifying Winning Products
    To improve investment outcomes
    Enterprise Angels (BOP)
  • Outline
    An Introduction
    Identifying Winning Products
    Ingredients
    Conclusion
  • Locus Research – an introduction
    Our core business is developing products and bringing them to market.
    We do this by integrating the functions of:
    Product/service creation and development;
    Brand creation & graphic communication;
    Sustainable product development & life cycle thinking;
    Project management, product commercialisation & business development.
  • The Ingredients of Success
    What things make up a winning product?
    • The Research Platform & Product Embodiment;
    • Testing, Standards & Compliance;
    • Product Sustainability & Environmental Risk;
    • Sales & Distribution Channels;
    • Product Brand & Marketing;
    • Business potential & Intellectual Property.
  • The Simple Research Loop
  • Research Pyramid
  • Research for Product Development
    • have the customer(s) & their need been clearly defined?
    • Is there a technical/measurable requirements list?
    • Is there a customer requirements list?
    • Has there been a Freedom to Operate search around the key areas?
    • Has manufacturing materials and processes been investigated?
    • Is there Competing product review?
  • Product Embodiment
    How was the product developed & evolved.
    • Is there a record of product development that can be reviewed, and who was involved in the creation of the key elements?
    • Are all files & data available and backed up, correctly dated over the course of the process?
    • Does the product have a full specification for communication to suppliers & partners, and could you produce off these specifications?
    • Has the product been provisionally priced, and is the process or sequence of MFG defined?
  • Testing, Standards & Compliance
    • What verification tests have been undertaken on the product?
    • Did the product succeed?
    • Are all reports available for review?
    • What voluntary standards should the product comply with (best practice)?
    • What mandatory standards should the product comply with?
    • Are the compliance risks isolated and identified, are the timeframes and issues clear?
  • Sustainability/Life Cycle Thinking
    Has the product considered sustainability?
    • What are the key environmental impacts of the product category?
    • Is there legislation around these issues in key markets?
    • Is there any planning and risk management around environmental issues?
  • Supply Chain & Distribution Channels
    • What channel to market has the product got and has this been defined in a credible way?
    • Has there been thought about the best place to manufacture?
    • How will this be distributed?
    • How is the product packaged?
    • What sort of packaging will be used in transit?
  • Product Brand/Marketing
    • Does the product/project have a brand that is succinct and identifiable?
    • Does this brand have a strong relationship with the product?
    • Is it free to use internationally, in all potential markets?
    • Is the product offer clearly defined?
    • Features, Benefits & Messages
    • Is the product concept clearly illustrated via photography or line art?
  • The Business Potential
    Does the product have the ability to become a business?
    • Are there opportunities to leverage the POD into other products easily to create a range?
    • How transferrable are the ideas to new products?
    • Is it a technology platform or a single product?
    • Is the brand capable of being enlarged to practically offer a wider range of products?
  • Picking Winning Products
    • There is no such thing as a simple product;
    • Understanding the process of development provides a unique window into the product and people;
    • Developing a successful product means accurately understanding and determining the consumer needs;
    • All information is relevant and should be retained;
    • Testing and compliance are not a luxury, they are a necessity in all categories we work in;
  • Picking Winning Products
    • Distribution does impact on a product development;
    • A product needs a coherent brand to communicate its value;
    • Product sustainability is important in all key markets and continues to become more engrained;
    • One product does not make a business.
  • Contact Details
    Presenter: Timothy