... 7. Understand the leader’s role in designing systems for fostering creativity and innovation in an organization Objectives of the Assignment ▪ To show ability in finding facts and defining the problems for the purpose of establishing the framework for idea generation. ▪ To display the competencies of using the creative tools and techniques for idea generation. ▪ To exhibit the competencies in evaluating ideas and making comparison against available alternatives. QUESTION You are Product Development Manager of an existing company that manufactures consumer products. The company plans to introduce a new product and sustain their competitive position in the market. As such, you are assigned by the company’s CEO to come up with a new product offering and present a proposal of the new product concept that appeal to the market. Your proposed product concept needs to be realistic and marketable within five (5) years. It is important that your product concept be able to show how innovative in comparison to the available alternatives in relation to Building security and control system. Source: http://theconstructor.org/building/building-security-control/6973/ In addition, the value it can specifically provide to the targeted market. You are required...
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...2006 - 2008 Strategic Plan Capital Increase Road Show May 2006 Disclaimer These materials are not intended for potential investors and do not constitute or form part of any offer to sell or issue, or invitation to purchase or subscribe for, or any solicitation or any offer to purchase or subscribe for any Ducati Securities, nor shall they form the basis of, or be relied on in connection with any contract or commitment to purchase Ducati Securities. Any recipient of this document considering a purchase of Ducati Securities in a rights issue following publication of an Italian prospectus in connection therewith is hereby reminded that any such purchase should be made solely on the basis of the information contained in such Italian prospectus. The information in these materials includes forward-looking statements, concerning in particular economic and financial trends, which have been made by the management and are based on current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties and assumptions. In light of this, the events described in the forward-looking statements may not occur. These materials are not being issued in the United States of America and should not be distributed to United States persons or publications with a general circulation in the United States. These materials are not an offer to sell or issue Ducati Securities in the United States. No public offering of Ducati Securities will be made...
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...1.1 The Chosen Company 2 02. The New Product 3 2.1 The Need Addressed 3 2.2 The New Product Objectives 4 03. Market Potential 4 3.1 Target Market 4 3.2 Competition 5 04. NPD Process of the Product 6 4.1 Idea Generation and Screening 6 4.2 Concept Development and Testing 7 4.2.1 Concept Testing 7 4.3 Business Analysis 8 4.3.1 Cost Structure 8 4.3.2 Financial Analysis 8 4.3.3 Risk of Failure 10 4.4 Market Research 10 4.4.1 Modifications 10 4.5 Product Launch 11 4.5.1 Promotional Campaign 12 5.0 Conclusion 14 5.1 Future Directions 14 References 15 Appendices 16 Appendix 01: Concept Testing Interview Response Evaluation 16 Appendix 02: Risk Analysis of Product Failing 17 Appendix 03: Questioner used for Test Marketing 18 Appendix 04: Evaluation of Results of Test Marketing 19 Appendix 05: The 5W’s of Launching 21 Appendix 06: A Summary Budget 22 Appendix 07: A Billboard Design 23 01. Introduction “New Product Development is the process of developing a new product or service for the market. This type of development is considered the preliminary step in product or service development and involves a number of steps that must be completed before the product can be introduced to the market. New product development may be done to develop an item to compete with a particular product/service or may be done to improve an already established product. New product development is essential to any business...
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...New Product Development Why is it importand to launch a new product? * A successful new product does more for an organization than any other thing can do * Today a high percentage of sales and profits come from new products (> 30% avg) * The process is extremely difficult * Companies take big risks * Failure rate is quite high (40% avg) * It is fun and exciting! A product can be tangible = Goods A product can be intangible = Services B2B =Business to Business BSC =Consumer Products * New product process does not usually start with a new product idea: it begins with an amount of Strategy * Marketing does not start when the procut is finished: it often starts before ideation * The process is not over when the product is launched=It ends when the new products is successful * Very few are taken to launch and only a small fraction succeed: high risks! * Most new ideas are epresed as lie extensions of existing brands= Parent Brands awareness+values * Most new ideas....are not that new: what’s new for you may not be new for consumers Opportunity An opportunity is a business or technology gap that a company or individual realizes that exists between the current situation and an envisioned future in ordert o capture competitive advantage, respond to a threat, solve a problem or ameliorate a difficulty A Strategy: It is necessary, because it ist he foundation for a new product management A new product development...
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...Chocoberry Case Study Idea Generation The techniques that I would propose for CB would be Matrix Analysis (Creative Advantage, 2000), brainstorming (EinsteinDiva, 2010) and whiteboarding (Matimore, 2011). It is important to note that matrix analysis analyzes the situation based on a number of criteria that are then cross evaluated through the matrix, which is basically like a table that it used to represent a set of variables for the top row and another set of variables for the leftmost column. Through the use of the matrix analysis technique, CB could develop new ideas based on the possible combination of variables that are identifiable in the situation of CB. On the other hand, the brainstorming technique involves an in-depth discussion of ideas in a close group, such as the leaders in the case of CB. This discussion would be used to ensure that the different ideas of these leaders would be considered for the decision that would be made in order to make the changes that are needed in the organization so that the company could take advantage of the changes in the market. In contrast, the whiteboarding technique involves the use of a board or a whiteboard. In this technique, the whiteboard would be used to write or paste certain ideas onto the board for a given period of time. These ideas would then later be analyzed in terms of their connections to each other. It is arguable that whiteboarding is considered as the most appropriate for the case of CB, because the company needs...
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...SWOT Analysis SWOT analysis is a tool which enables the organization to understand its position in the market. Therefore, here are the SWOT Analysis of Samsung to that give an idea of how the company is operating in currently. Strengths * Samsung is very advanced technologically. It has heavy assets of technology. It is known for its technologically advanced products such as mobile phone, tablet, TV/audio/video, camera, camcorder, home appliance, pc, peripherals, printer, memory cards and other accessories. * Samsung heavily invest in technology, product design and human resource. This is because human resource plays a major role for the success of every organization. If without human resource, there will be no product can be produced. Therefore, Samsung gives more important to the human resource. * Samsung is the best in terms of design features and technology. It was the first to introduced dual screen mobiles , 65k TFT/LCD colour phone, first phone with polyphonic ringtones, phones with rotating lens, thinnest and lightest note pad etc. * Samsung always makes innovations and tries to improve their products to attract more customers and seek more market share. It attracts customers by offering new and innovative design through understanding the customers by considering the types of designs which are suitable to customers and what they want or asked about. Weaknesses * Samsung does not charge high price for its products. Therefore, people often relate the...
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...and New Product Development Winter 2015 Draft Syllabus January 2015 Instructor: Farhad D. Rostamian, PhD., MBA Office and Office Hours: By arrangement Teaching Assistant: TBD E-mail: fdrostamian@gmail.com Messages: Valerie Myers, (310) 206-3011, vmyers@anderson.ucla.edu Enrollment: Open enrollment. Time: Wednesdays, 4 to 7 PM First Class meets: Wednesday, January 7 Room: Anderson Complex, Cornell Hall, D-307 Course Description New products are the lifeblood of any corporation and the cornerstone of any economy. Without expanding the product portfolio, any modern corporation can quickly succumb to competition and lose significant market share, or even be totally dis-intermediated. This phenomenon has been intensified with the advancements in digital economy. The innovation process has been significantly altered as a result of the impact of digital economy across all industries and markets. While most companies recognize the need for new products, not all such new products that are introduced to the market are successful. And even a smaller percentage can stand the test of time and reach significant market share or achieve resilient popularity. Innovation is one of the key drivers of making new products. We will examine the process of innovation and new product development and discuss the associated paradigms and success factors (through the case and class discussions). This course is designed to help students deepen their understanding of new product ...
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...UNIT 30: NEW PRODUCT DEVELOPMENT IN FOOD Get assignment help for this unit at assignmenthelpuk@yahoo.com LO1 Be able to develop a new or modify an existing food or beverage product Design: concept research; small-scale development; corporate development programmes; costing; specification manual; presentation methods; food stabilisers; food enhancers; trend analysis; consumer reactions; timescales for development; risk assessment Legislation: concerns eg food labelling, additives, food safety, risk analysis [HACCP] Influences: types eg food fashions, globalisation, ethnic cookery influences, vegetarian and healthy eating concepts https://www.blogger.com/blogger.g?blogID=5649485182751853952#editor/target=post;postID=821891962334217847 LO2 Understand issues of large-scale food production Production: project design and management; product quality and saleability Packaging: role of packaging in demand and acceptance; technological developments; materials; environmental issues; distribution channels Equipment: appliances and their versatility; new equipment requirements; staff training; operating procedures Technology systems: types eg testing and evaluation equipment, analysis software and hardware, temperature controls and recording, storage monitoring, stock rotation systems LO3 Be able to investigate food quality using subjective and objective tests Subjective tests: tests eg taste, colour, texture, smell, flavour, overall acceptability. Objective tests: physical; chemical;...
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...Task Two – Target 1200 words QN: Identify the skills needed for successful New Product Development and where they will be found within or outside the organisation, with consideration to the roles of the team members. Answer Developing a successful drive for new products and product development of TSS’ product range is a very complex process with the main difficulties, from a marketer’s perspective, being the integration of a team of various people or departments involved in the product development. Belbin (2004) concluded that there were only a few ways that people could contribute to teamwork with the essential contributions comprising of the following; Co-ordinating the efforts of the team, Creating ideas, Motivating and driving the team forward, Exploring resources, Evaluating options, Organising the work, Following up on detail, Supporting others and Providing expertise NPD like any other process involves numerous stages for it to be complete and in order for us to identify a team with the appropriate skills and capabilities needed for successful new product development in TSS, the analysis of the stages involved in this NPD process below combined with Belbin (2004)’s suggestions for teamwork would provide a job analysis benchmark for the team that will be sourced to carry out these developments. Idea Generation According to Jobber and Chadwick (2013), the sources of new product ideas can be internal to the company through marketers, salespeople, consumers especially...
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...steps in the new product development process. • Step 1: Idea Generation – Begin from many sources: suggestions from customers, the sales force, R&D specialist, competing products, suppliers, retailers, and independent inventors. • Step 2: Screening – Separate ideas with commercial potential from those that cannot meet company objectives. – Some organizations maintain checklists of development standards in determining whether a project should be abandoned or considered further. – These checklists typically include factors such as product uniqueness, availability of raw materials, and the proposed product’s compatibility with current product offerings, existing facilities, and present capabilities. • Step 3: Business Analysis – A product idea that survives the initial screening must then pass a thorough business analysis. – This stage consists of accessing the new product’s potential market, growth rate, and likely competitive strengths. • Step 4: Development – Financial outlays increase substantially as a firm converts an idea into a visible product. – The conversion process is the joint responsibility of firm's development engineers, who turn the original concept into a product, – and its marketers, who provide feedbacks on consumer reactions to the product design, package, color, and other physical features. • Step 5: Test Marketing – Many firms test market their new-product offerings to gauge consumer reaction. – The purpose is to verify that the product will perform...
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...WINNING BUSINESSES IN PRODUCT DEVELOPMENT: THE CRITICAL SUCCESS FACTORS A formal new product process isn’t enough—you need a high-quality process, a clear and visible strategy, enough people and money, and a respectable R&D budget. How does your program rate on these 10 metrics? Robert G. Cooper and Elko J. Kleinschmidt OVERVIEW: 2007 is Research-Technology Management’s 50th year of publication. To mark the occasion, each issue reprints one of RTM’s six most frequently referenced articles. The articles were identified by N. Thongpapanl and Jonathan D. Linton in their 2004 study of technology innovation management journals, a citation-based study in which RTM ranked third out of 25 specialty journals in that field (see RTM, May–June 2004, pp. 5–6). The benchmarking study reprinted here was originally published in 1996 and has been updated with its author’s reflections. Their study of 161 business units uncovered the key drivers of new product performance at the business unit level. Ten different performance measures were gauged, including percentage of sales by new products, profitability and success rate. The ten gauges were reduced to two key performance dimensions—profitability and impact—which defined the “performance map.” Nine possible drivers— including strategy, process, organizational design, and climate for innovation—were investigated, and four key drivers of performance were identified; namely, a highquality new product process, the new product strategy for the business...
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...Strategic Elements of Product Development 2.The Importance of New Products a. Product development costs over a hundred billion dollars on the technical development phase alone. (Crawford, & Di Benedetto, 2015) b. The new products process is incredibly complex and difficult and when a product fails there is often public scrutiny. 3.Globalization and New Product Development a.”To a greater extent than ever before, firms are seeing new product development as a global process in order to take advantage of worldwide opportunities and increase their efficiency and effectiveness of innovation.” (Crawford, & Di Benedetto, 2015) b. Global innovation cultures are the most effective at producing results. 4. How Product Development Is Different a. Product development teams are composed of a wide-range of professionals from multiple disciplines. b. Product development requires a creative and planned process. 5. What Is a New Product, and What Leads to Success? a. New Products come in a variety of ways. Some are completely new to the market where as others are existing products that have a new line or new functioning. b. Products must be unique and superior in order to succeed. Consumers must feel as if the value added is worth the costs. 6. Does This Field of Activity Have a Unique Vocabulary a. As the field of product development is both global and contains a melting pot of individuals vocabulary is unique to the field. 7. Does the Field of New Products Offer Careers...
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...AberdeenGroup New Product Development: Profiting from Innovation Business Value Research Series December 2005 The New Product Development Business Value Research Series Executive Summary eveloping a new technology or solution that fills a need for a customer is fulfilling. This feeling of accomplishment is not accompanied by the pleasant jingle of coins in the corporate pockets, however, unless the idea makes its way out of the innovator’s head, off of the planning board, and eventually off of the engineer’s harddrive. Product development teams and executives alike need to measure the success of innovation the way the corporation measures success – by the bottom line. Turning a concept into a profitable product or product platform is not an easy job, and requires people from multiple disciplines to work together. New product development (NPD) is a complex, collaborative process that requires coordinating the innovation efforts of many to meet a common goal. The following is a list of participating groups that may be required for a product to successfully come to market: • • • • • Marketing Engineering Procurement Regulatory Manufacturing • • • • • Design Suppliers Sales / Channels Finance Legal • Manufacturing Engineering D Different organizations and individuals are responsible for one or more aspects of the product, and few of these aspects can stand alone. Decisions made in one facet of a product impact many others. Aberdeen’s Product Innovation Agenda...
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...Chapter 12 Global Products Outline * The pros and cons of global product standardization * Localization vs Adaptation * Global product lines * Developing global new products Do Not Read (Unless Noted) Page 401 list 1-5 Page 401-403 Ford’s Global Car Drive, all Page 407 para 3 and 6 Page 408-409 Pitfalls of Global Standardization, all Page 410 Getting the Picture Page 411 para 3 Page 413 Sales Forecast, all Page 416-425, all Introduction * Market coordination * Product standardization * Marketing Mix uniformity Global products/brands have coordination between markets, standardization of products and uniformity of marketing, across all markets. Regional products and brands are unique to a particular trading region. Note: * The difference between Global and Regional products is of degree not kind/type. That is, the issues are the same (kind/type), but the number of countries (degree) to which the marketing analysis applies is different. * Regional products can be thought of as latent global products. Localization vs Adaptation Localization: * Changes that are required for the product to function in a new market. Without localization the product cannot compete because it will not be able to function properly. It will be rejected immediately. NOTE: A standardized product still needs to be localized to function properly. Adaption: * Changes that are required to match customers’ preferences...
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...ASSIGNMENT COVER SHEET(to be completed by the student) | AIB student ID number: | A12784 | | | Student name: | JASON FARADAY | | | Course name: | MARKETING MANAGEMENT | | | Subject name: | NEW PRODUCT MANAGEMENT | | | Subject facilitator: | TIMITRA WILLIAMS | | | Teaching Centre: | SITAL COLLEGE OF TERTIARY EDUCATION LIMITED | | | No. of pages: | 14 | | | Word count: | 1913 | | | DECLARATION | I, the above named student, confirm that by submitting, or causing the attached assignment to be submitted, to AIB, I have not plagiarised any other person’s work in this assignment and except where appropriately acknowledged, this assignment is my own work, has been expressed in my own words, and has not previously been submitted for assessment. | ASSESSMENT SHEET(to be completed by the examiner) | Student name: | | | | Course name: | | | | Subject name: | | | | Assessor/marker: | | | | COMMENTS | Principles learnt (for example, number and understanding of principles referred to, their influence on the structure of this paper, number and correct citations of references, use of appropriate jargon) | | /4 | | | Application of principles. That is, the analysis and evaluation of the example problem based on the principles, including the final recommendations and their justification | | | /8 | | | How well the example problem was described, including the extent and depth of information...
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