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1. The Management
of New Product
Development,
and
Entrepreneurship
19

2. Technology refers to the skills, knowledge, experience, body
of scientific knowledge, tools, computers, machines used
in the design and production of goods and services.
Quantum technological change: fundamental shift in technology
that results in innovation.
*The Internet and genetic engineering are examples.
* Incremental technological change: refinements of
current technology over time.
*Most firms seek incremental product innovations
which allows constant, but small, improvements.

3. * Many products undergo constant change and improvement.
*Electronic products provide a great example.
* This change can be a threat to firms that are slow to improve but
provides benefits to firms that adjust.
*Technological change is both a threat and an opportunity.
*Smith Corona typewriter company missed out on word
processing going out of business.
*Microsoft was quick to embrace graphic user interface
programs and now is dominant in the software business.

4. * Refers to demand changes for a product over time.
*Embryonic stage: product is not widely accepted
and has minimal demand.
*Growth stage: many consumers seek out the
product and buy it for the first time.
*Mature stage: demand peaks since most buyers
already have the product and only buy replacements.
*Decline stage: demand falls off perhaps since the
product is obsolete.

5. Embryonic
Stage
Growth
Stage
Mature
Stage
Decline
Stage
Time
Demand

6. Length of Product Life Cycles
Rate of Technological
Change

7. * The rate of change determines the length of the
product life cycle demand curve.
*The computer industry, life cycle is about 18
months; in the steel industry, it is many years.
* Fads and fashions also impact the life cycle duration.
*Style changes alter the demand for goods.
*Usually, goods subject to fads and fashion
changes will experience shorter life cycles.
* In general, life cycles are getting shorter, forcing
managers to be more responsive to customers.

8. Reduce Product
Cycle Time
Maximize Fit with
Customer needs
Maximize
Manufacturability
Maximize
Product Quality
New Product
Development
Goals

9. 1) Reduce Product Cycle Time: reduce time needed to
develop a product from conception to market introduction.
*Early to market products can command premium prices and
will have a longer life cycle.
*Can add new features before competitors
2) Maximize fit with Customer Needs: most products fail
because they were not designed to fit customer needs.
*Ensure customers want the product features before adding
them to the product.

10. 3) Maximize Product Quality: be sure new products are of
superior quality.
*Poor quality in a new product can doom its acceptance
even if quality is fixed later on.
*Quality problems usually result from rushing product to
market.
4) Maximize Manufacturability: the efficiency with which
the product is built impacts its time to market.
*Ease of production can shorten development time.
*Efficient production can also avoid production problems
and improve quality.

11. * Principle 1: Use a Stage-Gate Development Funnel;
managers often try to fund too many projects at once.
*Stage 1 considers all new ideas. Those that are feasible and
meet the strategic goals of the firm go through Gate 1.
*Stage 2 focuses on the product development plan and then
evaluated at Gate 2. Only the best continue.
*Stage 3 issues a contract book and focuses on
responsibilities, budgets, resources, etc. This is the symbolic
launch of the formal development.

12. Ship
Stage 3Stage 2Stage 1
Ideas
Gate 1 Gate 2

13. * Principle 2: Cross functional teams seem to be a
crucial part of effective product development.
*Core members of the team are the 3 to 6 people
primarily responsible for the development effort.
*Must ensure there is coordination and
communications between team members.
*Often are located physically together
*Successful teams will develop a clear sense of their
objectives and share a common mission.

14. Team
Leader
Core
Members
Peripheral
Members

15. * Principle 3: Concurrent Engineering: Traditional
approach follows a sequential flow between steps.
*This results in long development times and poor quality
when managers do not communicate between
departments.
*Development managers may design the product
without talking with manufacturing, resulting in
problems.
*By working concurrently, design and production issues
are considered together.
*Production concerns are addressed while the product is
designed and can still be changed.

16. Opportunity
Identification
Concept
Development
Product
Design
Process
Design
Commercial
Production
Opportunity
Identification
Concept
Development
Product
Design
Process
Design
Commercial
Production
A Sequential Process
A Partly Parallel Process

17. * A key reason the products fail is that they do not meet
the needs of the customers.
* Customer ideas and needs should be included in
the design process.
*Solicit customer input from many sources.
* Suppliers are also critical to the success of a
product.
*Embrace them during concurrent engineering.
*Seek their ideas and input early in the process.

18. * Successful product development is a critical component
of a successful firm.
*While most managers know this, it can be difficult to
actually carry out good development strategies.
*Many managers have difficulty in releasing control of
their part of the process and allowing groups to take
part.
*Conflict management skills can address this.
* Product development often requires a break in the
traditional organizational culture to be highly successful.

19. *Entrepreneurs are people that notice opportunities and take
the initiative to mobilize resources to make new goods
and services.
* Many entrepreneurs work for themselves and start
new firms.
* Intrapreneurs: work in large companies and contribute
to innovation in the firm.
*Intrapreneurs that become frustrated with the lack
of opportunity at some large firms often leave and
form their own business called a new venture.

20. * Characteristics of entrepreneurs--most share these
common traits:
*Open to experience: they are original thinkers and
take risks.
*Internal locus of control: they take responsibility
for their own actions.
*High self-esteem: they feel competent and capable.
*High need for achievement: they set high goals
and enjoy working toward them.

21. * To become involved in an entrepreneurial firm:
*Start your own business as an entrepreneur.
*Work for a growing entrepreneur in their firm.
*Many entrepreneurs enjoy starting a business, but not
running it.
* Develop a plan for the new business
*Design a plan to guide the business similar to a product
development plan.
*The Stage-funnel concept can work well here.
*Firms with no plan usually fail
* Franchising allows you to purchase a plan and experience of
existing firm to reduce risk.

22. Step 1 Notice Product opportunity and develop a basic
business idea: What Goods/services to produce
and who are the Customers/Markets?
Conduct Strategic Analysis (SWOT) to identify:
Strengths, weakness, opportunities, threats.
Is the Business opportunity feasible?
Prepare a detailed Business Plan including
Mission, goals, strategic and financial objectives,
resources required, and a timeline of events.
Step 2
Step 3
Step 4

23. * A learning organization encourages employees to act
as intrapreneurs. To help, form:
*Product Champions: person that takes ownership
of a product from concept to market.
*Skunkworks: group of intrapreneurs kept separate
from the rest of the firm.
*Allows workers total flexibility and innovation.
*New Venture Division: allows a division to act as
its own smaller company.
*Rewards for Innovation: link innovation by
workers to valued rewards.