Chapter 2 Flashcards
(48 cards)
Q: Definition — Product Innovation Charter (PIC)
A: A concise senior-management document that spells out the strategic purpose, arenas, goals, and constraints for all innovation activity.
Q: Definition — New-products process
A: The structured path a new product follows from initial idea through launch and post-launch learning.
Q: What is the goal of matching new projects to the firm’s product portfolio during development?
A: To ensure the firm is pursuing the right products for strategic balance, risk, and resource use.
Q: Name the five phases in the basic New-products Process.
A: 1 Opportunity identification & selection
2 Concept generation
3 Concept/project evaluation
4 Development
5 Launch
Q: Definition — Opportunity identification
A: Recognising and categorising situations where the firm’s resources or external demands suggest a new-product chance.
Q: List the four categories of identified opportunities.
A: Under-utilised resource, new resource, external mandate, internal mandate
Q: What three ongoing corporate activities feed strategic planning for new products?
A: Ongoing marketing planning, ongoing corporate planning, and special opportunity analysis.
Q: Definition — Concept generation
A: Collecting and creating feasible product ideas that match a selected high-priority opportunity
Q: Why is the problem-find/solve approach useful in concept generation?
A: It starts with real customer or business pain points and then proposes solutions—raising success odds.
Q: Definition — Concept/project evaluation (screening)
A: Assessing new-product concepts on technical, marketing, and financial criteria to pick the best for development.
Q: What tool gathers early customer reactions to a written or visual idea statement?
A: A concept test.
Q: After concept screening, what is created to align all functions on expected benefits and specs?
A: The product protocol (or product requirements agreement).
Q: In the Development phase, name the three major bodies of effort
A: The item/service itself, the marketing plan, and the business (financial) plan
Q: What often-overlooked step should occur before moving a real product into Launch?
A: A comprehensive business analysis to confirm the financial case.
Q: Definition — Fuzzy gate
A: A conditional “go” decision made with incomplete information, allowing downstream work to start sooner.
Q: Definition — Launch (Go decision)
A: The managerial green light to begin full-scale production, distribution, and marketing of the new product.
Q: Why must firms plan launch management long before the actual release date?
A: To coordinate supply, marketing, distribution, and support so the market entry is smooth.
Q: Definition — Agile product development
A: An iterative approach (e.g., Scrum sprints) that delivers frequent, customer-tested increments of working product.
Q: Give the objective of agile methods like Scrum in new-product work.
A: Continuous customer satisfaction through rapid, incremental improvements.
Q: Definition — Accelerated product development
A: Organised actions that speed a product from concept to market to gain competitive advantage.
Q: List the five sure methods to accelerate time-to-market.
A: Clear PIC, overlapping phases, portfolio management, quality focus at every phase, empowered cross-functional team.
Q: State two disadvantages of speeding a product to market too aggressively.
A: Higher costs and possible quality sacrifices (plus neglected marketing prep).
Q: What mind-set shift separates firms chasing “first to shelf” from those chasing “first to mindshare”?
A: Focusing on owning customer perception rather than merely beating rivals to launch dates.
Q: Arrange services and goods on the spectrum from pure service to pure good.
A: 1 Pure service → 2 Mostly service/part good → 3 Mostly good/part service → 4 Pure good.
