v47 ch20 new market offerings ralph woo tanco
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INTRODUCING NEW MARKET OFFERINGS
Ralph W. TancoAteneo Graduate School of Business
Top 10 Concepts
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Outline: New Market Offerings:
1. Ways of introducing New Products2. Challenges in New-Product
Development3. Most important success factor.
(What?) 4. Reasons for New Product Failure 5. Organizational arrangements for
product development
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Outline:New Market Offerings
6. Budgeting for a new product development
7. Organizing New-Product Development
8. Managing the development process9. Consumer Adoption10. Characteristics of innovation
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Concept 1:
Ways of introducing new products
Make them
Buy them
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Innovation Imperative Must have constant improvement and
innovations
Incremental innovation Tweaking existing products for new
customers
Concept 2:
Challenges in a new product development
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Concept 3:
Most important success factor
A unique and superior product
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Concept 4:
Reasons for New Product Failure
Shortage of important ideas in some areas
Fragmented markets Social and governmental constraints Cost of development Capital shortages Shorter required development time Shorter prduct life cycles
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Concept 5:
Organizational arrangements
Commonly uses customer-driven engineering
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Concept 6:
Budgeting for a new product
Financing as many projects as possible
Conventional percentage-of-sales figure
Spend what the competition spends
Working backwards
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Concept 7:
Organizing New-Product Development
Use of new product managers Use of stage gate system
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Concept 8:
Managing the development process
Idea Generation Idea Screening Concept development and testing Marketing strategy development Business analysis
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Concept 8:
Managing the development process
Product development Market testing Commercialization
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Concept 9:
Consumer adoption
Awareness Interest Evaluation Trial Adoption
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Concept 10:
Characteristics of the innovation
Relative advantage Compatibility Complexity Divisibility Communicability
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Summary: New Market Offerings:
1. Two ways to introduce the product
2. Obstacles in introducing new products
3. The golden rule of success. 4. Reasons for New Product Failure 5. The ideal organizational structure
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Summary:New Market Offerings
6. Ways of budgeting for new products
7. Organizing New-Product Development
8. Managing the development process9. Consumer Adoption10. Characteristics of innovation
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My Conclusion: New Market Offerings
Not easy to create new Products
You have to be creativeResourceful, cautious
And ready to fail!