Innovation And Product Development Verified Guide
What are some core concepts of NPD? ️Macro-segmentation, user value, and IPRs (Intellectual
property rights)
The innovation curve ️It is about the adaption and usage of a new product over time. At the start, we
have a small group of user...
Innovation And Product Development Verified Guide
What are some core concepts of NPD? ✔️Macro-segmentation, user value, and IPRs (Intellectual
property rights)
The innovation curve ✔️It is about the adaption and usage of a new product over time. At the start, we
have a small group of users, you have to get over a certain number of users before the product can
become a success, and then the amount of new user will go slowly down again. The curve describes how
innovation works in terms of adoption.
Ten key factors that often is behind a successful product innovation ✔️-Cross functional team
-Economic profile and protection of new products (patent and trade secret)
Either you are telling everyone how you are doing it, but you have legal protection, so no one can copy,
and if you are having a trade secret you are telling no one. It is different pros and cons with the different
ways to protect your innovation, but often is not having technology products as a trade secret the best
way, because if one people know it they could share it. It is very hard to have all these points in place.
Even though these are important factors, there are also products that are successful without these
factors.
What are two ways to protect a new product? And what are som pros and cons with the to ways?
✔️Patent or trade secrets.
Patent: You can tell everyone about your product, but you have legal protection, so no one can copy.
Works well for technology products.
Trade secret: No one can know. Doesn't really work for technology products.
What is NPD strategy? ✔️An integration between marketing- and technologystrategy
Kotlers 4p ✔️Price
Product
Promotion
, Place
What is the focus of macro- and micro-segmentation and what are their variables? ✔️Macro-
segmentation focuses on selecting a product-market. Micro-segmentation focuses on selecting a
market- or customer segment.
Variables in macro:
-Product (technology and function)
-Customers (most important)
-Geography
Variables in micro:
-Demographic
-Behavioural
-Judgments
-Needs
What are the four important steps in identifying customer needs. ✔️1. Gather as much raw data on
users as possible
2. Transform raw data into a lists of customer needs
3. Define the hierarchy of needs
4. Define the relative importance of needs
What are Rothwells 9 success factors for innovation today? ✔️- Linkages to sources of scientific and
technical knowledge
- Cross functional approach and "design for manufacturability"
- Project management ability: committed personnel and resources
- Strong market orientation
- Unique or superior products
- Synergies with existing products (robust designs) and production
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