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New Product Development

Development of a new product from idea to launch

Wissenschaftliche Studie 2015 24 Seiten

BWL - Beschaffung, Produktion, Logistik

Leseprobe

Table of Contents

Executive Summary

1. Introduction

2. Product Innovation Charter

3. Initial Evaluation of the Opportunity

4. Concept Statement

5. Full Screen

6. Profile Sheet

7. Product Protocol

8. Organisational Structure and Development Team

9. Product Use Test

10. Strategic Launch Plan

11. Conclusions

12. References

Executive Summary

This brief examines the methods used by a new company to develop its first product. The company has been established from a team who worked in a business in the defence and aerospace industry, and their aim is to use their skills, knowledge and experience to develop low-cost solutions for consumers based on some of the principles they learned in their previous jobs. The company’s core capabilities lie around the innovative use of distributed Wi-Fi transceivers combined with sensor systems. Such systems can be used to provide external security around an asset such as a car, caravan or boat. Because the system is rapidly deployable and can be broken down and re-used easily, it is suitable to temporary locations such as a car park, caravan park or marina. The use of analytical tools such as the concept statement, ATAR model, full screen, ideation testing and product protocol all point to a viable commercial opportunity. It is concluded however that due to the risk of replication by another company it is essential to get the product to market as soon as possible. At present, no direct competitors could be found on the internet.

Given the nature of the target audience, who are likely to be geographically diverse and part of relatively niche markets, it is decided that the best approach to marketing will be based on e-marketing, exploiting special interest groups using social media platforms such as Facebook. There is also an option of targeted marketing using special interest periodicals and the potential to write articles for such organs to raise the profile of the product and the company.

The process used is also shown to influence the shape of the product innovation charter and the organisational structure to optimise the potential for new product development, based on a project matrix approach.

1. Introduction

This brief describes the development of a new product for a small company that in the process of becoming established. The company has identified a niche in the market that they believe that can exploit. This is based on developing applications that utilise existing technology and integrate it into specific product ranges. This brief concerns the first of the products the company has identified in this area.

The concept is based on the use of Smartphones and/or personal computers/tablets etc. combined with Wi-Fi transceivers and a variety of sensors. As an example, a mobile phone application can be linked to Wi-Fi network-enabled cameras positioned by the user to provide temporary or fixed security systems around a caravan, boat or other valuable and movable item. A similar approach can be used to provide a distributed temperature sensor suite, flood-water levels, underwater fish concentrations, an animal alert system (e.g. foxes around chicken pens, or researchers studying animal movements) and a host of other applications.

The potential users for such systems are campers, boaters, wildlife enthusiasts and researchers, fisher-people and others for whom specific products are developed. An outline diagram of the system is shown in Figure 1.

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Figure 1 -1: Schematic diagram of product. Created by author using SmartDraw.

2. Product Innovation Charter

Crawford (1997) developed a characterisation of innovative companies that achieved long-term success in the market. This characterisation included a clear definition of objectives and the activities needed to implement those objectives, an ability to predict future consumer needs, building an organisation around the objectives and working with customers to develop new products (Kahn et al. 2012; Fuchs and Schreier, 2011). It is important that the company strategy reflects the overall aims of the company, and a means of linking tactical projects such as the development of a new product is in synergy with the strategy; this provides a mechanism for improving typical success rates of less than 25% for new products (Evanschitzky et al., 2012). A Product Innovation Charter (PIC) is a means of integrating product development into overall strategy, and it also lays out the authorisation and responsibilities of the team selected to develop a product (Crawford and Di Benedetto, 2011). The preparatory stage PIC of the company is shown in Table 2.1 and the final stage is shown in Table 2.2 for the proposed product, which in this case is a rapid-placement temporary security product based on four cheap Infra-Red (IR) sensors is shown in Table 2.1. The product in this case is called ‘SiteSecure’.

Table 2 - 1 : Company Initial PIC.

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Based on the above answers, now you can develop the Product Innovation Charter (PIC) for your company’s new products.

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Details

Seiten
24
Jahr
2015
ISBN (eBook)
9783668362789
ISBN (Buch)
9783668362796
Dateigröße
704 KB
Sprache
Englisch
Katalognummer
v346814
Institution / Hochschule
University of Sheffield
Note
MA
Schlagworte
product development marketing

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Titel: New Product Development