The document discusses various aspects of strategic innovation including strategy, new business models, new markets, value creation for customers and companies, dimensions of strategic innovation, aspects of innovation like market impact, market opportunity, and market dynamics. It also talks about new product development process, factors for new product success, types of new products, and examples of innovation platforms from companies like Apple and DSM. The document provides an overview of key concepts in strategic innovation, new product development, and types of innovation.
New product development and Classification, Branding, Brand Equity, Product L...Atul Fegade
For basic marketing management courses - Booze Allen Hamilton new product classification scheme, New product development and Classification, Branding, Brand Equity, Packaging, Labeling, Product Life Cycle
New Product Development was a 3-day public workshop for managers offered for many years through what is now UW-Madison’s Center for Professional and Executive Development (CPED). Since CPED has modified its mission to focus on leadership and management training, this and other marketing classes have been discontinued. Therefore I am providing this for your individual education.
A version of this presentation with embedded hyperlinks to YouTube videos and other educational sites is available through my website, BrainSnacksCafe.com.
Enjoy!
New product development and Classification, Branding, Brand Equity, Product L...Atul Fegade
For basic marketing management courses - Booze Allen Hamilton new product classification scheme, New product development and Classification, Branding, Brand Equity, Packaging, Labeling, Product Life Cycle
New Product Development was a 3-day public workshop for managers offered for many years through what is now UW-Madison’s Center for Professional and Executive Development (CPED). Since CPED has modified its mission to focus on leadership and management training, this and other marketing classes have been discontinued. Therefore I am providing this for your individual education.
A version of this presentation with embedded hyperlinks to YouTube videos and other educational sites is available through my website, BrainSnacksCafe.com.
Enjoy!
Principles of Marketing, by Kotler, Philip; Armstrong, Gary. This chapters focuses on developing new products and managing products through their life cycles.
New Product Development Philosophy IB Work BetterStephen Tavares
This presentation outlines Philosophy IB's offerings in the New Product Development space including governance and process design and outsourced project management.
Principles of Marketing, by Kotler, Philip; Armstrong, Gary. This chapters focuses on developing new products and managing products through their life cycles.
New Product Development Philosophy IB Work BetterStephen Tavares
This presentation outlines Philosophy IB's offerings in the New Product Development space including governance and process design and outsourced project management.
Market development is a growth procedure that identifies and grow new market segments for current products. A market development procedure targets non-buying customers in currently select segments. It also targets new customers in new section.
Oprah Winfrey: A Leader in Media, Philanthropy, and Empowerment | CIO Women M...CIOWomenMagazine
This person is none other than Oprah Winfrey, a highly influential figure whose impact extends beyond television. This article will delve into the remarkable life and lasting legacy of Oprah. Her story serves as a reminder of the importance of perseverance, compassion, and firm determination.
The case study discusses the potential of drone delivery and the challenges that need to be addressed before it becomes widespread.
Key takeaways:
Drone delivery is in its early stages: Amazon's trial in the UK demonstrates the potential for faster deliveries, but it's still limited by regulations and technology.
Regulations are a major hurdle: Safety concerns around drone collisions with airplanes and people have led to restrictions on flight height and location.
Other challenges exist: Who will use drone delivery the most? Is it cost-effective compared to traditional delivery trucks?
Discussion questions:
Managerial challenges: Integrating drones requires planning for new infrastructure, training staff, and navigating regulations. There are also marketing and recruitment considerations specific to this technology.
External forces vary by country: Regulations, consumer acceptance, and infrastructure all differ between countries.
Demographics matter: Younger generations might be more receptive to drone delivery, while older populations might have concerns.
Stakeholders for Amazon: Customers, regulators, aviation authorities, and competitors are all stakeholders. Regulators likely hold the greatest influence as they determine the feasibility of drone delivery.
Senior Project and Engineering Leader Jim Smith.pdfJim Smith
I am a Project and Engineering Leader with extensive experience as a Business Operations Leader, Technical Project Manager, Engineering Manager and Operations Experience for Domestic and International companies such as Electrolux, Carrier, and Deutz. I have developed new products using Stage Gate development/MS Project/JIRA, for the pro-duction of Medical Equipment, Large Commercial Refrigeration Systems, Appliances, HVAC, and Diesel engines.
My experience includes:
Managed customized engineered refrigeration system projects with high voltage power panels from quote to ship, coordinating actions between electrical engineering, mechanical design and application engineering, purchasing, production, test, quality assurance and field installation. Managed projects $25k to $1M per project; 4-8 per month. (Hussmann refrigeration)
Successfully developed the $15-20M yearly corporate capital strategy for manufacturing, with the Executive Team and key stakeholders. Created project scope and specifications, business case, ROI, managed project plans with key personnel for nine consumer product manufacturing and distribution sites; to support the company’s strategic sales plan.
Over 15 years of experience managing and developing cost improvement projects with key Stakeholders, site Manufacturing Engineers, Mechanical Engineers, Maintenance, and facility support personnel to optimize pro-duction operations, safety, EHS, and new product development. (BioLab, Deutz, Caire)
Experience working as a Technical Manager developing new products with chemical engineers and packaging engineers to enhance and reduce the cost of retail products. I have led the activities of multiple engineering groups with diverse backgrounds.
Great experience managing the product development of products which utilize complex electrical controls, high voltage power panels, product testing, and commissioning.
Created project scope, business case, ROI for multiple capital projects to support electrotechnical assembly and CPG goods. Identified project cost, risk, success criteria, and performed equipment qualifications. (Carrier, Electrolux, Biolab, Price, Hussmann)
Created detailed projects plans using MS Project, Gant charts in excel, and updated new product development in Jira for stakeholders and project team members including critical path.
Great knowledge of ISO9001, NFPA, OSHA regulations.
User level knowledge of MRP/SAP, MS Project, Powerpoint, Visio, Mastercontrol, JIRA, Power BI and Tableau.
I appreciate your consideration, and look forward to discussing this role with you, and how I can lead your company’s growth and profitability. I can be contacted via LinkedIn via phone or E Mail.
Jim Smith
678-993-7195
jimsmith30024@gmail.com
Artificial intelligence (AI) offers new opportunities to radically reinvent the way we do business. This study explores how CEOs and top decision makers around the world are responding to the transformative potential of AI.
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2. Strategy and Strategic
Innovation
Strategy is the long term plan to achieve the
desired goals and objectives
Strategic Innovation includes innovative business
models, to make a business more competitive. It
leads to either:
New business models (including a new value chain
architecture)
New Markets
Increased value for both the customer and the
company
Combination of all the above
3. Features of Strategic
Innovation
A frame work of independent content,
process and context dimensions
Application of creativity and innovation to
strategic management
Acts as an enabler strategic differentiation
and competitive advantage
By challenging conventional logic and
redefining the company’s business model,
redrawing market boundaries, creating new
markets and value improvements for
customers and company itself.
4. Dimensions of Strategic
innovation
Industry foresight – Top-Down Approach
Customer insight – Bottom – Up Approach
Strategic Alignment
Internal Alignment and External Alignment
Core technologies
Disciplined implementation
Organizational Readiness
Cultural; Process and Structural readiness
Managed innovation process
Divergent and Convergent thinking
6. Market Dynamics
Change in external environment is very
dynamic and demands the business to
respond dynamically
7. Market Opportunity
Understanding Market Dynamics provides
opportunities
Eg.,
3M – Scrotch brite
Odomos mosquito repellent cream
Amruthanjan comin with gel cream and
sprays
Iodex changing from brown color cream to
gel and sprays
8. Market Impact
How is the market responding to the new
product?
Is the price-performance equation
perfect?
Are there any gaps in existing products?
Is there scope for improvement?
Is the introduction of new product
triggering action by competitors?
10. Innovation Platforms
incorporating NPD
When business strengths are able to meet
opportunities in the market, becomes a
platform for strategic innovation and
helps a business take actions for
commercialising the business and
forecasting the market impact.
11. Advantages of Plan of Action
Faster Decisions
More autonomy to teams
Encourages intrapreneurship
Encourages team ownership
Economies of scale
Economies of scope
12. Case: Apple’s Innovation
Platform
Apple’s Ipad is a mass-produced product.
Using this as a base other parties can
create and capture value with their own
apps. Apple has maintained greater
control over how something is developed.
Apple is also particular how value is
captured, but apple’s platform has found
wider applications.
13. New Product Development
New product are those which are really
innovative and truly unique replacements
for existing products that are significantly
different from the others
14. Strategic reasons for NPD
Deviations in consumer demands
Foundation of competitive advantage
Provide long term ROI
Optimum utilisation of existing production and
operations.
Leads to capitalisation on research and
development
Influence brand equity
Enhance corporate image
Helps in meeting environmental threats
15. Types of New Products
Discontinuous Innovation
Eg., Innovative car, Laptop etc
Category Extension
Eg., Dell manufacturing Mobile phones
Line Extension
Eg., P&G adding new products to its line
Product Improvement
Eg., Toyota Cars
Repositioned Products
Eg., Liril comin with modification and repositioning
Lower Priced Products
Eg., Nirma, surf excel price wars
16. DSM’s Innovation Platform
Dutch Life science’s company aims to build an intrinsically
innovative a company using innovation platforms instead of single
projects. This helps in proper estimation of the risks in the
beginning. Opportunities in the market also get defined properly.
Projects are properly grouped in well-defined platforms.
DSM’s Chief innovation officer Rob van Leen says,
“Projects can fail but you can’t kill an opportunity”. The innovation
pipeline in DSM is used for looking at related opportunities. The
burden of innovation is shared by the platforms. Passion,
ownership and drive contribute to success of innovation in DSM.
Even smaller projects get visibility due to the platform approach.
Opportunities are given more importance than projects.
Platforms encourage innovation to think more broadly across the
value chain. They also foster team spirit and energise the team
members to put in their best. Platforms make the organisation
more respective to open source innovation. Collective decision
making increases the chances of success because risks are better
understood. This makes it easy to migrate the risks.
17. Factors influencing a New
Products success
Right product, right time and right message
Concentrate on providing a solution
Recognize and nurture core capabilities of the
company
Proper working environment
Support from top management
Disciplined new product development process
Dedicated development teams
Effective communication to the targeted audience
Appropriate business strategies
Understanding the external environment
18. Factors influencing a New
Products success
Identifying market opportunities that fit core
competencies
Proper understanding of consumer needs and
wants
Wide range of product ideas
Clear and focused product definition
Superior and differentiated product and
package
Effective category and management philosophy
Well-executed launch
Effective promotional strategies
19. New product development
Process
NPD Strategy
Generation of New product ideas
Idea screening and business analysis
Concept development and testing
Marketing strategy development
Business Analysis
Product development
Market testing
Commercialisation
20. 1: New Product strategy
Focus on new idea/concept generation
and guidelines for establishing screening
criteria keeping company objectives in
mind
Identifying the strategic business
requirements that the new product should
comply with.
21. 2: Generation of New product
ideas
Objectives of this stage are:
Ideas for new products
New attribute for existing products
New uses of existing products
Sources of New Product ideas:
Customers
Competitors
Employees
R&D
Licensing
Marketing research agencies
Distribution channels
22. 3: Idea screening and Business
analysis
Criteria for Ide screening
Market feasibility
Technical feasibility
Potential competition
Compatibility with the promoter
Consistency with governmental priorities
Growth potential
Ensure acceptable growth
Competitive price
Should meet company’s objectives and goals
Availability of resources
Ensure capital requirements within manageable limits
23. 4: Concept development and
testing
Concept testing is defined as “ A printed or filmed
representation of a product or service. It is a device
to communicate the subject’s benefits, strengths
and reasons for being”.
Objectives of Concept testing
To get customer feedback about new product idea
To assess relative attractiveness of the ideas
To understand strengths and weaknesses of each idea
To know customers product rating
To direct the development of the project
To select the most promising concept for product
development
To ascertain the product potential for its
commercialisation
24. 5: Marketing Strategy
development
Marketing Plan should consist of three parts:
First Part
Target Market size
Structure
Behaviour
Sales volume
Market share
Profit goals
Planned product positioning
Second Part
Planned price
Distribution strategy
Marketing budget for the year
Third Part
Long run sales
Profit goals
Marketing mix strategy over time
26. 7: Product Development
An Organisation must ensure following:
Establish a product with desired characteristics
Production at minimal cost
Produce as per demand forecast
Product attributes must the customers
requirements
Adequate testing of product for quality
Estimate forecasted sales
Appropriate budgeting
Satisfactory ROI
Provide for testing the product
27. 8: Market Testing
Simulation Testing: Launching a product in few selected areas
to test feasibility and functionality of the product
The main purpose is to provide final and total validation of the
entire project; the commercial viability of the product, its
production, and its marketing
Characteristics of Market testing
High advertising costs
High manufacturing costs
Lack of economies of scale
Low volume of production
High distribution costs
Benefits of Market testing
Helps to determine product’s likely performance
Helps in understanding product’s functional performance
Provides information about customer perception
Helps to understand market response
Provides opportunity to make necessary changes
Helps in effective marketing mix plan
28. 9: Commercialisation
Roles of Marketing Manager
Product must be channelized appropriately to
support the new product planning
Recognize the situational aspects of market entry
Need to decide the introduction timing
Ensure effective maintenance and servicing facility
Clarify the strategic importance of market entry
decision
Ensure intensive selling
Formulate the market entry decision problem
Ensure widespread availability of the product
through distribution channel
Effective promotion to create awareness of the
new product
29. Process Innovation
Is the implementation of the new or
significantly improved production or
delivery method
Includes changes in technique,
equipment or even the software
Ex: 3D modelling, Automation in
manufacturing process, Robotics,
Scanners, Barcodes, E-tailing, tracking of
parcels, etc.,
30. Stages of Process Innovation
Generate
Ideas
Capture ideas
from the first
stage
Begin the
innovation
Develop a
Business-
Effectiveness
strategy
Apply Business
improvement
Decline
31. Support for Process Innovation
Policies and procedures
Performance management frameworks
Well defined Organization structure
Use of state-of-the-art technology
33. Improving Process Innovation’s
effectiveness
Streamlining and sharing of existing processes
Improved service delivery
Automation of workflows
A supporting infrastructure
Strategic approach to managing supply
chains
Increased operational efficiency
Reduction in costs
Increase in revenues
34. Service Innovation
Is a new or significantly improved service
concept that is taken into practice
Types of service innovation
Innovation in service/Service products
Innovation in service process
35. Innovation in services, in
service products
• May include technological elements
• Related to service design and new service
development
• Ex., Retail stores providing home delivery
• Beauty parlour providing services at home
• Bigbasket.com, E-tailers like amazon,
flipkart, delivering products to home
36. Innovation in service process
• May include service delivery systems
• Technique or expertise based services
• Ex., Doctors introducing appointments to
reduce waiting time of patients
• E-tailers introducing COD system as
customers were scared of using Credit
cards online.
• Air tickets can be booked online much
before the travel date.
38. Areas of Innovation –
Den Hertog’s model
The Service Concept
New types of bank accounts, Information
services, Online auctions etc.,
The Client interface
Internet banking, ATM’s, etc.,
The Service delivery system
Home delivery system
B2B delivery is called as Servuction =
Service+Production
Technological options
Phone banking, etc.,