Going Beyond InnovationHow Companies Must Use "Market-Driven" Principles to    Compete & Grow (And Transform a Country)   ...
Where Are Companies & Countries Investing?      Technical Skills                                                 Economic ...
Understanding Definitions• Product• Quality• Innovation                            Copyright © 2012, Lûcrum Marketing, All...
Product• A "thing produced by labor or effort" or the "result of an act  or a process",http://en.wikipedia.org/wiki/Produc...
Quality• A product or process that is reliable, and that performs its  intended function is said to be a quality product.•...
Innovation• The introduction of something new.• A new idea, method or device.• Creativity: (1) the ability to make or brin...
Going Beyond• product to PRODUCT• quality to QUALITY• innovation to INNOVATION                             Copyright © 201...
Going Beyond – Why?• Today, the Institute for Competitiveness & Prosperity  released a report titled Canada’s Innovation I...
PRODUCT• A product is anything that can be offered to a market that  might satisfy a want or need.http://en.wikipedia.org/...
QUALITY• Quality is the ongoing process of building and sustaining  relationships by assessing, anticipating, and fulfilli...
INNOVATION• Innovation is the creation of better or more effective  products, processes, services, technologies, or ideas ...
What’s The Difference?• Product Orientation - A business approach or  philosophy in which whatever a company makes or  sup...
Innovation Value ChainHarvard Business Review, June 2007, The Innovation Value Chainby Morten Hansen & Julian Birkinshaw  ...
Key Components - Innovation Value Chain                                    Copyright © 2012, Lûcrum Marketing, All Rights ...
Idea Generation• Market Problem: The root of Innovation begins with  Market Problems and Market Needs that need to be  sol...
Idea Conversion (1)• Evaluate & Select: Evaluate and Select those concepts  (ideas) with the greatest potential for succes...
Idea Conversion (2)• Business Model: Determine the pricing model, delivery  mechanism and the cost to sell and deliver to ...
Idea Diffusion• Communicate Value: Use marketing and sales to  communicate to the market why they should solve their  prob...
Contributions to Innovation Value Chain                                     Contributions to the Innovation Value Chain   ...
How Do We Go Beyond?  The aim of marketing is to know and understand the  customer so well that the product or service fit...
What is Product Management?• Creating and sustaining value throughout the entire  product life cycle (Greg Geracie)• Disco...
Product Management Contribution toInnovation Value Chain                                     Copyright © 2012, Lûcrum Mark...
Investing in Product Management• The Singapore government has set aside S$46 million  (US$36.4 million) for an initiative ...
Conclusion• Innovation is a key investment for countries and  companies.• Innovation contributes to productivity, competit...
Thank You!                      Tom Evans                   Lûcrum Marketing             tevans@lucrum-marketing.com      ...
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Going Beyond Innovation: How Companies Must Use "Market-Driven" Principles to Compete & Grow (And Transform a Country)

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Innovation. Productivity. Quality. Companies understand these as key principles for improving competitiveness and achieving sustainable and profitable growth. Governments also recognize the importance of investing in these principles to make their countries more competitive and to achieve economic growth. Most of the time, investments in innovation, productivity and quality are focused on the products and services and the processes to deliver them. This is a necessary and important investment, but this investment will only achieve a sustainable and desirable result if the central focus is on the market. The key to sustainable competitiveness and growth through innovation, productivity and quality is through a set of "market-driven" principles. Only then can a company (& country) truly succeed.

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Going Beyond Innovation: How Companies Must Use "Market-Driven" Principles to Compete & Grow (And Transform a Country)

  1. 1. Going Beyond InnovationHow Companies Must Use "Market-Driven" Principles to Compete & Grow (And Transform a Country) Tom Evans Lûcrum Marketing @compellingmktr Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  2. 2. Where Are Companies & Countries Investing? Technical Skills Economic Growth Quality Standards Productivity Global Management/Leadership Competitive Products Competitiveness Innovation Methods Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  3. 3. Understanding Definitions• Product• Quality• Innovation Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  4. 4. Product• A "thing produced by labor or effort" or the "result of an act or a process",http://en.wikipedia.org/wiki/Product_(business) Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  5. 5. Quality• A product or process that is reliable, and that performs its intended function is said to be a quality product.• Reducing the variation around the targethttp://www.qualitydigest.com/html/qualitydef.html Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  6. 6. Innovation• The introduction of something new.• A new idea, method or device.• Creativity: (1) the ability to make or bring into existence something new; (2) having the quality of being able to create rather than imitate• Invention: something invented: as (1) a product of the imagination; (2) a device, contrivance, or process originated after study and experiment. http://www.merriam-webster.com/dictionary Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  7. 7. Going Beyond• product to PRODUCT• quality to QUALITY• innovation to INNOVATION Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  8. 8. Going Beyond – Why?• Today, the Institute for Competitiveness & Prosperity released a report titled Canada’s Innovation Imperative. In it, we conclude that public innovation policy is not working largely because our governments focus on driving invention, not innovation. http://www.thestar.com/opinion/editorialopinion/article/1000453--key-to-productivity-is-innovation-not-invention> Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  9. 9. PRODUCT• A product is anything that can be offered to a market that might satisfy a want or need.http://en.wikipedia.org/wiki/Product_(business) Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  10. 10. QUALITY• Quality is the ongoing process of building and sustaining relationships by assessing, anticipating, and fulfilling stated and implied needs.• Quality is the customers perception of the value of the suppliers work output.• The degree to which something meets or exceeds the expectations of its consumers.http://www.qualitydigest.com/html/qualitydef.html Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  11. 11. INNOVATION• Innovation is the creation of better or more effective products, processes, services, technologies, or ideas that are accepted by markets, governments, and society.http://en.wikipedia.org/wiki/Innovation Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  12. 12. What’s The Difference?• Product Orientation - A business approach or philosophy in which whatever a company makes or supplies is the focus of the managements attention.• Market Orientation - A business approach or philosophy that focuses on identifying and meeting the stated or hidden needs or wants of customers. http://www.businessdictionary.com/ Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  13. 13. Innovation Value ChainHarvard Business Review, June 2007, The Innovation Value Chainby Morten Hansen & Julian Birkinshaw Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  14. 14. Key Components - Innovation Value Chain Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  15. 15. Idea Generation• Market Problem: The root of Innovation begins with Market Problems and Market Needs that need to be solved. We must discover and understand these before we can apply creativity and invention to solving them.• Concept Generation (Creativity & Invention): Create concepts (ideas) that lead to a better or more effective product, process, service, technology or idea to address the market problem or market need. Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  16. 16. Idea Conversion (1)• Evaluate & Select: Evaluate and Select those concepts (ideas) with the greatest potential for success.• Market Strategy: This is the key decision that drives the development of the solution, the business model and the marketing and sales activities. This includes defining the best target markets and how the solution is to be positioned in the market.• Define & Design: Define the product, process, service, technology or idea in enough detail that any risks can be determined and the cost of development and delivery can be defined. Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  17. 17. Idea Conversion (2)• Business Model: Determine the pricing model, delivery mechanism and the cost to sell and deliver to ensure the potential of profitability.• Business Case: Validate that this is a worthy market opportunity and approve funding for the investment.• Develop: Fully develop the product, process, service, technology and idea such that is can be introduced to the market. Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  18. 18. Idea Diffusion• Communicate Value: Use marketing and sales to communicate to the market why they should solve their problem or need with your solution.• Effectively Deliver: Efficiently and effectively deliver the product, process, service, technology or idea with appropriate quality. Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  19. 19. Contributions to Innovation Value Chain Contributions to the Innovation Value Chain Market Concept Evaluate & Market Define & Business Communicate Effectively Develop Problem Generation Select Strategy Design Model Value Deliver Quality Standards X X X Innovation Methods(Creativity & Invention) X X X Product Management X X X X X X X X Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  20. 20. How Do We Go Beyond? The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Peter Drucker Product Management Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  21. 21. What is Product Management?• Creating and sustaining value throughout the entire product life cycle (Greg Geracie)• Discover & validate valuable market problems.• Define the right solution to solve market problems.• Justify the investment in the market opportunity.• Define a clear market strategy that leads to a competitive advantage.• Communicate to the market how the solution solves the problem or need and why they should buy the solution. Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  22. 22. Product Management Contribution toInnovation Value Chain Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  23. 23. Investing in Product Management• The Singapore government has set aside S$46 million (US$36.4 million) for an initiative called Infocomm Industry Productivity Roadmap.• Train professionals with specialised skills such as product management to support the transformed business models. http://www.mis-asia.com/resource/industries/singapore-rolls-out-programme-to-transform-local-infocomm-players Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  24. 24. Conclusion• Innovation is a key investment for countries and companies.• Innovation contributes to productivity, competitive products, growth and creating a competitive advantage.• Companies (& Countries) must invest in all parts of the Innovation Value Chain to achieve the benefits of Innovation. (innovation v. INNOVATION)• The Market-Driven Principles of Product Management are a major contributor to the Innovation Value Chain. Copyright © 2012, Lûcrum Marketing, All Rights Reserved
  25. 25. Thank You! Tom Evans Lûcrum Marketing tevans@lucrum-marketing.com +1.512.961.5267 @compellingmktr Copyright © 2012, Lûcrum Marketing, All Rights Reserved

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