Course introduction Flashcards
1
Q
What makes a product?
A
The idea WITH the product
Needs, market understanding, customer
The idea IN the product
Technological opportunities identification
Competitive advantages
Available resources & knowledge
Development
Unique Competetive advantage
Price, performance, feature
2
Q
Why do new products succeed?
A
- Uniqueness
- Superior performance
- Sufficient target market segments
- Based on internal strengths
- Deep insight into customer needs
- Effective use of a new product development process
- Good collaboration in development
3
Q
Why do new products fail?
A
- Poor idea
- Poor positioning
- Market too small
- Lacking company capabilities
- Organizational problems
- Inadequate distribution
- Poor timing
4
Q
What can be done to maximize the probability of success and minimize the risk of failure?
For a new product
A
Effective product development practice
- A structured development process
- Explicit decision process
- Checklist including key steps
- Self-documenting
- Use of relevant methods & tools
A multi-disciplinary development team
(shift in) perspective (change in) attitude towards customer and user orientation
