Technology Lifecycle: Research and development
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My report presentation for "Strategic Management of Technology and Innovation"
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Technology Lifecycle: Research and development
- 2. The technology life cycle seeks to predict the adoption, acceptance, and eventual decline of new technological innovations.
- 4. FIRST STAGE OF TECHNOLOGY LIFECYCLE Research and Development
- 5. A systematic activity combining both basic and applied research, and aimed at discovering solutions to problems or creating new goods and knowledge.
- 6. PHASES OF RESEARCH AND DEVELOPMENT
- 7. Idea Generation The development of a product will start with the concept. The rest of the process will ensure that ideas are tested for their viability, so in the beginning all ideas are good ideas
- 8. Idea Screening ⊡This step is crucial to ensure that unsuitable ideas, for whatever reason, are rejected as soon as possible. Ideas need to be considered objectively, ideally by a group or committee.
- 9. Concept Development & Testing A process driven by a set of customer needs and target product specifications, which are then converted into a set of conceptual designs and potential technological solutions.
- 10. Business Analysis Once the concept has been tested and finalised, a business case needs to be put together to assess whether the new product/service will be profitable
- 11. Product Development If the new product is approved, it will be passed to the technical and marketing development stage. This is when a prototype or a limited production model will be created
- 12. Test Marketing Test marketing (or market testing) is different to concept or consumer testing. It introduces the prototype product following the proposed marketing plan as whole rather than individual elements.
- 13. Commercialization When the concept has been developed and tested, final decisions need to be made to move the product to its launch into the market.
- 14. Launch A detailed launch plan is needed for this stage to run smoothly and to have maximum impact. It should include decisions surrounding when and where to launch to target your primary consumer group.
- 16. “ The longer it takes to develop, the less likely it is to launch Jason Fried, 37Signals
- 17. Nico R. Penaredondo MS-ICT Thank You
Editor's Notes
- - The performance of a technology has a recognized pattern over time - Can be of great use in strategic planning - Neglecting this pattern as a key factor in the planning process may prove very costly to the competitive position of corporation - Managing technology requires deep understanding of the life cycles of the technology, product, process and system
- - It also describes the costs and profits of a product from technological development phase to market maturity to eventual decline. - Understanding and effectively estimating technology life cycle allows for a more accurate reading of whether and when research and development costs will be offset by profits.
- - The shape of the technology lifecycle is often referred to as S-curve - The technology life cycle has four distinct stages: research and development, ascent, maturity, and decline. Introduction (Research and Development Phase) Nico Penaredondo - Represents the birth of new product / process resulting from R&D activities - spending significant amounts of effort and money to create the technology Growth (Ascent Phase) by Jan - This phase covers the timeframe from product invention to the point at which out-of-pocket costs are fully recovered. At this phase the goal is to see to the rapid growth and distribution of the invention and leverage the competitive advantage of having the newest and most effective product. Maturity Phase by JC - As the new innovation becomes accepted by the general population and competitors enter the market, supply begins to outstrip demand. During this stage, It begins to slow as the concept becomes normalize Decline (Decay Phase) by Errol - The final phase is when the utility and potential value to be captured in producing and selling the product begins dipping. It is where margins are no longer procured.
- - Risks are taken to invest in technological innovations. By strategically directing Research and Development towards the most promising projects, companies and research institutions slowly work their way toward beta versions of new technologies. - R&D may result in ownership of intellectual property such as patents
- Ideas can, and will come, from many different directions. The best place to start is with a SWOT analysis, (Strengths, Weaknesses, Opportunities and Threats), which incorporates current market trends. This can be used to analyse your company’s position and find a direction that is in line with your business strategy. - In addition to this business-centred activity, are methods that focus on the customer’s needs and wants. This could be: 1.Under-taking market research 2.Listening to suggestions from your target audience – including feedback on your current products’ strengths and weaknesses. 3.Encouraging suggestions from employees and partners 4.Looking at your competitor’s successes and failures
- Specific screening criteria need to be set for this stage, looking at ROI, affordability and market potential. These questions need to be considered carefully, to avoid product failure after considerable investment down the line.
- You have an idea and it’s passed the screening stage. However, internal opinion isn’t the most important. You need to ask the people that matter – your customers. Using a small group of your true customer base – those that convert – the idea need to be tested to see their reaction. The idea should now be a concept, with enough in-depth information that the consumer can visualise it. 1. Do they understand the concept? 2. Do they want or need it? This stage gives you a chance to develop the concept further, considering their feedback, but also to start thinking about what your marketing message will be.
- This should include a detailed marketing strategy, highlighting the target market, product positioning and the marketing mix that will be used. This analysis needs to include: whether there is a demand for the product, a full appraisal of the costs, competition and identification of a break-even point.
- This means you can investigate exact design & specifications and any manufacturing methods, but also gives something tangible for consumer testing, for feedback on specifics like look, feel and packaging for example.
- This process is required to validate the whole concept and is used for further refinement of all elements, from product to marketing message.
- Pricing and marketing plans need to be finalised and the sales teams and distribution briefed, so that the product and company is ready for the final stage.
- Finally in order to learn from any mistakes made, a review of the market performance is needed to access the success of the project.
- - The performance of a technology has a recognized pattern over time - Can be of great use in strategic planning - Neglecting this pattern as a key factor in the planning process may prove very costly to the competitive position of corporation - Managing technology requires deep understanding of the life cycles of the technology, product, process and system