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Chapter 7 Product Innovation Management Mind Map
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Edited at 2023-11-21 23:15:56- bacteria
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Chapter 7 Product Innovation Management Mind Map
- bacteria
This is a mind map about bacteria, and its main contents include: overview, morphology, types, structure, reproduction, distribution, application, and expansion. The summary is comprehensive and meticulous, suitable as review materials.
- Plant asexual reproduction
This is a mind map about plant asexual reproduction, and its main contents include: concept, spore reproduction, vegetative reproduction, tissue culture, and buds. The summary is comprehensive and meticulous, suitable as review materials.
- Reproductive development of animals
This is a mind map about the reproductive development of animals, and its main contents include: insects, frogs, birds, sexual reproduction, and asexual reproduction. The summary is comprehensive and meticulous, suitable as review materials.
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- Outline
Chapter 7 Product Innovation Management
Product Innovation
Basic concepts of product innovation
concept
Create and launch new products (services) or improve existing products (services)
Create & sell
factor
Factors affecting product innovation
Controllable level
Company culture, strategy, capabilities, organization, finance
uncontrollable level
Competitors, government policies, international environment
Factors affecting the success of product innovation
Kahn proposed
strategic level
do the right thing
Developed product innovation and technology strategies
Make full use of core competencies
Choosing the right market
good portfolio management
Necessary resource conditions
project level
do things right
Have unique and outstanding products
Have a strong market orientation
A lot of preparation work was done before development
Early, clear and unambiguous product definition
Make adequate plans for product launch and allocate resources
High-quality implementation of the entire process of product innovation
Speed to market, but not at the expense of quality
human and environmental aspects
environmental and human support
How the project team is organized
Good environment - culture and atmosphere
Senior level support
Best Company for Product Innovation unique factors
innovation culture level
Understand and allow failure
Managers set goals
Recruitment considers innovation ability
External cooperation and exchange
Value innovation and take risks
Encourage constructive conflict
Effective internal communication
product strategy level
Develop new product strategies and use them to guide new product innovation activities
Adopt a “first to market” strategy
Pay more attention to sustainable development
Applying IP Strategies
Adopt a global business model
portfolio management level
Select projects and ensure balance between projects
Use specific tools: scoring models, strategy buckets, financial analysis methods
Product development process level
Adopt formal cross-functional processes
Continuous design optimization process
Flexible selection process
Customized processes drive product innovation
Senior management understands and supports the product innovation process
Fuzzy front-end layer
Spend more effort understanding customer needs
Use a formal process for idea evaluation
Use open innovation to collect and develop new processes
Use social media to collect customer information and opinions
Development tool level
Extensive use of market research tools
Use engineering design tools
Focus on project planning tools
metric level
Use formal metrics to measure and report product performance
Measure innovation results and processes
result
profit
process
Time to market, milestones, etc.
Use metrics as a basis for learning and continuous improvement
Product innovation involves relevant parties
internal
Board of Directors, Senior Management, Functional Departments (Marketing, Finance, Production, Purchasing, etc.)
external
Consultants, suppliers, regulators, agents, customers, etc.
Looking at product innovation from different dimensions
Macro perspective
Innovation culture
new strategic goals
Product innovation content
performance measurement
micro perspective
gate management model
different passes
Product Features
Core features
Tangible characteristics
Additional features
Integrated Marketing 4Ps
Place
product
Promotion
price
Design Flow
Systematic process
The whole process of product design
environment
corporate environment
Industry environment
Manage product innovation
The difference between products and projects
product
Focus on Business Success: Sell
What is provided to solve customer pain points and meet customer needs
The focus of product management
战略、愿景、经营导向、行业知识、利润、增长
decision-making level
project
Focus on R&D success: Make it
The process of delivering products, services or results with specified features and functions, the work that must be completed within the scope of the project
The focus of project management
开发、计划】团队导向、技术知识、预算、完成项目
execution level
Product Management Scope
user experience
Understand customers, meet needs and solve problems
technology
Product managers need to understand “what to do” and “how to do it” and have a common language with development
Business thinking
Product managers are responsible for generating revenue and delivering value to their organization through products sold to customers.
Specific activities of product management
Establish a vision
Define product goals
What do user portraits look like?
What problems can the product solve?
How to measure product success
Develop product strategy
Provides ways to achieve goals and sets milestones
Market demand
value proposition
Business needs
Implement product development
Conduct product development process
idea generation
concept generation assessment
Project establishment analysis
develop
test
Listed
commercialize product
Write business cases and use cases
Develop a product launch plan and clarify distribution methods
Define your target market
Develop pricing strategy
Support sales and select the tools you need
Product Management Skills Required
definition phase
Requirements document
feature design
Product cadence planning
User research
Product and Industry Analysis
Competitive product research
design phase
Design prototype
interactive prototyping
visual design
visual review
development stage
code
technical understanding
test
project management
release stage
Release preparation
Product Operations
iterative phase
data analysis
Data analysis and strategy mobilization
Product life cycle management
Product Lifecycle
concept
broad sense
The entire process of product life cycle from product innovation to product delisting
Opportunity identification stage
concept development stage
prototype development stage
manufacturing design phase
Manufacturing and market readiness phases
Listing stage
Meet the first customers
pure profit stage
reach break-even point
Product delisting stage
There are 8 checkpoints in total
narrow sense
Product market life cycle, also called business life cycle
The best way to determine which stage you are in: the product plan
5 checkpoints in total
introduction stage
Critical Times: Crossing the Chasm
AKA: Adoption Curve
定义
从少量最初消费者（领先消费者）所支配的早期市场向主流市场过度的关键过程
购买客户的类别
创新者
The proportion is small and may have been tried during the testing phase.
喜欢尝试新东西，科技是他们最大的乐趣，这个群体能为后期购买者提供信息
早期接受/使用者
Customers with independent selection criteria
最有可能在引入阶段购买
欣赏新技术所具备的优势，觉得好就会买
早期大众
Utility with real uses drives purchases
强烈的实用性想法而推动
晚期大众
marginalized
即定标准形成后才会考虑购买
落后者
Companies will not pay attention to
对新技术完全无兴趣
The company builds brand awareness for its products and develops markets
product
Establish brand and quality standards and protect intellectual property rights such as patents and merchandise
Pricing
Penetration pricing at low prices to gain market share
High price skimming pricing to recover costs as quickly as possible
Distribution
Choose channels carefully until consumers accept and recognize the product
Promotion
Early adopters should be targeted to identify potential customers
growing phase
Organization continues to build brand and increase market share
product
Maintain product quality and increase product features and service support
Pricing
keep pricing
Few competitors
Distribution
Channels should increase as demand grows and the quantity purchased
Promotion
Promote to more customers
mature stage
As competition intensifies, companies must maintain market share and maximize profits.
product
Need to add product features to differentiate from competitors through product differentiation
Pricing
The price should drop
Many competitors
Distribution
Strengthen distribution channels and give distributors more incentives
Promotion
Strengthen product differentiation and add new product features
decline stage
Sales start to drop and the company needs to make tough decisions about where to go with its products
Maintain the product and also add new features and discover new positions
Reduce cost of harvesting products
Exit the market and sell the product to other companies
Product life cycle development trends
Life cycle is getting shorter and shorter
main reason
Customers are demanding more and more
competition intensifies
Technology continues to advance and change
Increased global exchanges
the pressure
Continuously update company products (new or improved)
Manage the marketing mix throughout the product life cycle
The impact of product life cycle on product mix
product mix strategy
By adding features and releasing new models
The process of bringing new products to market
go-to-market strategy
old school process
Think about promotions as an afterthought
Linear process, serial execution
New school process
Proceed in parallel
Factors for product success
iterative process
What is for sale?
value proposition
Same as Chapter 1 Introduction
FAB rule
Features
Advantage
benefit
To whom?
Market segments
definition
Divide the overall market into several sub-markets with common characteristics based on consumer desires and needs
divided into small modules
Consumer groups in the same market segment are called target consumer groups
standard
Address segmentation, demographic segmentation, psychographic segmentation, socio-cultural segmentation, user behavior segmentation
precise positioning
The determination of the target market and target customers determines the positioning of the product
Enterprises must avoid being unable to develop products due to greed for too much and scattered energy.
beachheading strategy
market testing process
definition
Strategies to occupy the market through leverage
Select market segments with the greatest potential as first launch locations
Advantage
Can avoid rising costs caused by large-scale marketing
Further verify the effectiveness of product features, promotion plans and channel strategies
Based on real-time feedback and opinions, timely adjustments and optimizations to the business plan are helpful for iteration
How to market your product to your target market
Channel case
Agency model
Manufacturers ➡️Agents ➡️Offline stores ➡️Customers
dealer model
Manufacturers ➡️Offline stores ➡️Customers
Manufacturers provide information to offline stores
Manufacturers ➡️Distributors ➡️Offline stores ➡️Customers
After knowing the information, offline stores find dealers to supply goods.
direct supply model
Manufacturers ➡️Offline stores ➡️Customers
Manufacturers directly supply goods to offline stores
Deep distribution
Manufacturers ➡️Promoters ➡️Customers
Promoters deliver information to customers
Manufacturers ➡️Offline stores ➡️Customers
After receiving the information, customers can purchase from offline stores
product channel
definition
The entire channel connecting the various intermediaries through which products or services flow from dealers to customers.
Factors affecting product channel selection
product factors
direct selling
Complex, fragile and breakable
Distribution
Standardized, rugged, mature stage, early product
organizational factors
Inside sales team size
Too many target markets
price factor
Intermediary channels will increase a lot of costs
customer factors
How to deliver it in the most efficient way
where to buy?
how to buy?
buy what?
Where to promote
How to promote?
marketing concept
Sales 4P
product
Place
Promotion
price
product orientation
Sales 4C
customer request
Convenience
communicate
cost
customer oriented
Promotion 4RS
relation
reaction
return
association
customer loyalty orientation
Feasibility Analysis
concept
It is the process of analyzing the likelihood of success of a project or a new product.
content
Choose the most complete
Market potential
Is there a market?
How big are the sales?
financial potential
How much is the profit?
How much does it cost to achieve profit?
What is the return on investment?
technical skills
Does the company have product development capabilities?
Does the company have the manufacturing capabilities for the product?
Marketing ability
Does the company have the ability to bring this product to market?
Do you have the financial capacity to conduct promotions?
What are the distribution channels?
Manufacturing capacity
Do you have the ability to manufacture the product?
Are raw materials available?
Do you have manufacturing equipment?
intellectual property
Does this product have intellectual property rights?
How to protect or obtain intellectual property?
regulatory impact
What laws and regulations affect products?
Will it affect manufacturing and marketing? Can the company handle it?
investment requirements
How much is the investment cost? Is funding available?
Will the ROI meet minimum expectations?
Demand and sales forecasts
intent to purchase method
Project analysis stage
definition
Use the results of the concept test as initial input and then adjust the results based on past probabilities
Example
5% of consumers will definitely buy it
30% of people are likely to buy
80% of people who answered yes actually purchased
10% of people who responded that they might buy actually purchased
The final result of the estimated market share is: (80%*0.5) (10%*0.3)=0.4 0.03=43%
Bass model
Product Lifecycle
definition
After a new product has been sold for a period of time, the Bass model can be used to predict the diffusion of the technology in the market. The prediction results can roughly summarize the life cycle process of the product and what marketing strategies should be adopted in each process.
leader in technology diffusion
innovator
Seeking to use new products regardless of whether others are already using them
imitator
People who wait for others to succeed before trying new products
ATAR model
important influencing factors
产品价格
definition
Awareness
Buyers are informed of the existence of new products. New products have unique selling points that vary between industries and even developers
trial trial
Can have many definitions, usually means actually purchasing and at least consuming
availability purchase (availability)
Proportion of stores introducing this product
repeatrepurchase
The buyer repeats the purchase or recommends it to others.
calculate
Number of buyers * Percentage of awareness * Percentage of application * Percentage of availability * Percentage of repeat purchases * Number of annual purchases * Unit profit
shortcoming
1. The target users do not know or are unwilling to tell us when to buy and how much to buy.
2. Market conditions are dynamic, customer attitudes are always changing, and competitors are also entering the market.
3. Reliable market research is expensive and inaccurate
Responses
1. Collect information from a wide range of sources (internal and external) to verify the assessment as much as possible
Ensure the best market research methods - best within budget
Accept more reliable predictions and use "hypotheses" and "sensitivities" to analyze the impact of different results
Create dynamic documents
financial analysis
The core element
Purpose
Evaluate the true rate of return on an individual investment
More optional items
type
cost
fixed costs
Executive salaries are fixed costs, employee salaries are variable costs
Administrative expenses, rent, interest, general management expenses
Variable costs
Production labor, electricity, cleaning materials, manufacturing materials, etc.
Capital expenditures
working capital (working capital)
operating liquidity
income
Sales Forecast
selling price
invest
ROI
The ratio of return on investment to investment cost
payback period
How long does it take to recover the investment in the product?
net present value
The investment is very high, so pay attention to the cost of time and capital.
Future value/(1 interest rate)^number of periods
The value of future money today, net present value is present value - cost
Internal Rate of Return
The discount rate when the net present value is 0
Simple interest
S=P P*I*N (I is unit price profit, N is time)
project management
Apply knowledge, skills, tools and techniques to project activities
project
definition
A project is temporary work undertaken to create a unique product, service or outcome
temporary, unique
five processes
Boot process
Target
planning process
Plan
Implementation process
Act control & Do execution
monitoring process
ActControl&CheckSupervision
Closing process
Finish
PDCA cycle
ten areas
quality
center
scope
triple constraint
Project scope
The work that needs to be done to deliver a specific and functional product, service or result
project spread
Passive expansion of scope
gold plated
proactively expand scope
schedule
triple constraint
Project schedule
Critical Path
The longest path from start to finish or the path with a total time difference of 0
shortest, longest
progress compression technology
Small scope of impact, increase budget
rush work
increase resources
Quickly based on
From serial relationship to parallel relationship
Reduce unnecessary work
reduce waste
Display tools
Gantt chart
Network Diagram
milestone chart
cost
triple constraint
cost management
Budget
Estimated cost to complete the project on time
method
historical data method
Use past data to estimate current costs
Parametric method estimation
Estimates from past experience
Bottom-up estimation
Estimating with WBS, a tool
Benchmarking
Data collected from many organizations, allowing organizations to compare their performance with that of other companies
communicate
interested parties
risk
Integrate
purchase
resource
Risk Management
risk
Uncertain events or conditions, once they occur, will have a positive or negative impact on one or more project goals, such as triple constraints
Risk Management
concept
Identify, assess and prioritize risks, then reduce or exploit them
Target
Increase the probability or impact of a positive risk
Reduce the probability or impact of negative risks
Improve project possibilities
process
planning risk management
Define and implement risk management activities
Identify risks
Identify sources of risk
Conduct qualitative risk analysis
Assess the impact of individual risks and prioritize risks
Conduct quantitative risk analysis
Conduct quantitative analysis on the impact on overall goals
Standardized risk response
Develop coping strategies
Implement risk responses
Execute strategic plan
Oversight risk
Identify tracking risks and identify new risks
decision tree
Profit * Proportion % - Loss * Proportion %
For selecting suppliers, etc.
risk response strategies
avoid risk
Risks in the early stages of the project can be avoided by clarifying requirements, obtaining information, improving communication, and acquiring professional skills.
High probability of occurrence and great impact
transfer risk
Insurance, letter of commitment, letter of guarantee, etc.
Low probability of occurrence and high impact
accept risk
Take the initiative to accept Europe. Since it is impossible to completely eliminate risks, you need to accept or reserve for risk responses.
Low probability of occurrence, small impact, common cold
Mitigate risk
Reduce the probability of risk to an acceptable threshold
High probability of occurrence, small impact, industrial parts manufacturing
Product Innovation Project Risks
New product development is a game of risk and reward
project-based risks
resource availability
technology availability
resource capability
information reliability
Scope definition
Internal factors
Product-Based Risks
causing harm to customers
Failure to deliver promised product benefits
Not in compliance with laws and regulations
Appearance, features, functionality, price risks
external factors
performance measurement
meaning
performance measurement
Commonly used in reporting sessions
说明与组织所有的其他投资相比，产品开发投资的价值所在
证明未来投资合理性时所用到的关键工具
A set of measurements that track product development, allowing companies to measure the impact of process improvements over time.
Key Performance Indicators (KPIs)
Measure whether goals are achieved, measure results
Metrics
definition
Measure business process conditions, measure process
Conditions that should be met
closely related to strategy
Form the basis for learning and continuous improvement
factor of success
Only measure the things the company does poorly
Avoid excessive waste
Understand what metrics can and cannot really do
Feedback
Measuring the right amount of things
Pipe balancing
Metrics aligned with company goals
strategic consistency
Invite those responsible for deciding what to measure
High-level disclosure
Monitor and act now
indicator trap
Unclear or conflicting metrics
lack of transparency
Does not support business goals
Factors that drive improvements in product development
do the right thing
Do fewer projects and spend more time
Adopting a first-to-market strategy
Establish global market and operational strategies
Track new technologies
Recognize the importance of intellectual property rights
Have clear portfolio management
do things right
Access more engineering, R&D and design tools
Use qualitative market research tools and identify customer needs
Use social media to gather information
Use new product development processes
Focus on development teams and practices
culture, climate and organization
High-level participation
Focus on team building and practice
Use cross-functional teams
Have good cognition and reward system
Support open innovation collaboration
balanced scorecard
Ratings from four perspectives: finance, customers, internal processes, and learning and growth
Hierarchical performance
Enterprise indicators
Measure the long term
Capital investment in Changxin activities
Proportion of ideas from external to internal sources
product development cycle time
Newly launched products as a percentage of current year revenue
New product share
Measurement Goal: Enterprise Efficiency
Platform indicators
medium term
Technical performance, requirements specifications, product engineering and design constraints
The purpose is to achieve the effectiveness of new product development project goals
Measuring Goals: Business Goals
Project indicators
medium term
Triple constraints of the project, productivity, development life cycle and resource capabilities, balanced scorecard, average innovation training hours of employees
Project execution efficiency
process indicators
short term
Predict the effectiveness of performance processes
predictive validity
Input/output indicators
lagging indicator
Measuring the actual contribution of new products
leading indicators
The future contribution of measuring delicate products