Robert Monroe Innovative Product Development January 18, 2011
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Transcript of Robert Monroe Innovative Product Development January 18, 2011
Carnegie Mellon Qatar ©2006 - 2011 Robert T. Monroe Course 70-446
The Cagan / Vogel Innovation Process,Social, Economic, and Technology (SET) Factors
and Product Opportunity Gaps
Robert Monroe
Innovative Product Development
January 18, 2011
Carnegie Mellon Qatar ©2006 - 2011 Robert T. Monroe Course 70-446
By The End Of Class Today, You Should:
• Understand the five basic steps in the Cagan/Vogel process for bringing an innovative new product to market
• Be able to use the SET factor model to identify, evaluate, and understand how broad Social, Economic, and Technology changes can create Product Opportunity Gaps (POGs)
Carnegie Mellon Qatar ©2006 - 2011 Robert T. Monroe Course 70-446
Launch*
The Cagan and Vogel Innovation Process
Realize Conceptualize UnderstandIdentify
* The launch stageis not part of theCagan / Vogel process but it is
something we willlearn about
Carnegie Mellon Qatar ©2006 - 2011 Robert T. Monroe Course 70-446
Phase 1: Identify The Opportunity
Source: Cagan and Vogel, Creating Breakthrough Products, Chapter 5.
Launch* Realize Conceptualize UnderstandIdentify
Carnegie Mellon Qatar ©2006 - 2011 Robert T. Monroe Course 70-446
Phase 2: Understand The Opportunity
Source: Cagan and Vogel, Creating Breakthrough Products, Chapter 5.
Launch* Realize Conceptualize UnderstandIdentify
Carnegie Mellon Qatar ©2006 - 2011 Robert T. Monroe Course 70-446
Phase 3: Conceptualize The Opportunity
• Goals:– Turn Value Opportunities into product concepts that are perceived as
useful, usable, and desirable– Generate many concepts, evaluate, refine, iterate, reduce to a single
concept to move to stage 4
• Results:– Clearly articulated product concept– Clear market definition– Visual, and/or physical prototypes that can be shown to and evaluated by
potential customers– Demonstration or belief that product is technically feasible
Source: Cagan and Vogel, Creating Breakthrough Products, Chapter 5.
Launch* Realize Conceptualize UnderstandIdentify
Carnegie Mellon Qatar ©2006 - 2011 Robert T. Monroe Course 70-446
Phase 4: Realize The Opportunity
Source: Cagan and Vogel, Creating Breakthrough Products, Chapter 5.
Launch* Realize Conceptualize UnderstandIdentify
Carnegie Mellon Qatar ©2006 - 2011 Robert T. Monroe Course 70-446
Phase 5: Launch the Product
• Goals:– Deliver the product or service to customers– Start generating revenue– Ramp up production– Support organization is up and running
• Results:– Product or service offering is available to customers– Distribution channels functioning– Sales lead to inbound cash flow
Source: Cagan and Vogel, Creating Breakthrough Products, Chapter 5.
Launch* Realize Conceptualize UnderstandIdentify
Carnegie Mellon Qatar ©2006 - 2011 Robert T. Monroe Course 70-446
SET Factors and Product Opportunity Gaps
Carnegie Mellon Qatar ©2006 - 2011 Robert T. Monroe Course 70-446
Social, Economic, and Technology (SET) Factors
Carnegie Mellon Qatar ©2006 - 2011 Robert T. Monroe Course 70-446
SET Factors
ProductOpportunity
Gap
Source: [CV02] page 9
Carnegie Mellon Qatar ©2006 - 2011 Robert T. Monroe Course 70-446
SET Factor Exercise
Carnegie Mellon Qatar ©2006 - 2011 Robert T. Monroe Course 70-446
SET Factor Discussion
• Do you see some common themes emerging?
• Which of these SET factors are mostly the same throughout the GCC nations? Throughout the Arab League nations?
• Which of these SET factors vary considerably throughout the GCC nations? Throughout the Arab League nations?
Carnegie Mellon Qatar ©2006 - 2011 Robert T. Monroe Course 70-446
Product Opportunity Gaps (POG’s)
• The next step is to identify Product Opportunity Gaps, or POGs based on your SET factor analysis.
• A Product Opportunity Gap is the gap between what is currently on the market and the possibility for new, or significantly improved, products that result from emerging trends.– Source: [CV02] page xxxi (glossary)
Carnegie Mellon Qatar ©2006 - 2011 Robert T. Monroe Course 70-446
POG Exercise
• Let’s pick a specific industry – _____________
• Based on the SET factors identified, where should the leading companies in that industry be looking for gaps to fill with innovative new products or services? – Are they doing so currently?
– If not, why not?
• Meet again as S, E, and T groups. Come up with a list of at least 10 POGs for this industry that your group thinks that companies in this industry should be exploring
Carnegie Mellon Qatar ©2006 - 2011 Robert T. Monroe Course 70-446
Wrap Up
Carnegie Mellon Qatar ©2006 - 2011 Robert T. Monroe Course 70-446
By The End Of Class Today, You Should:
• Understand the five basic steps in the Cagan/Vogel process for bringing an innovative new product to market
• Be able to use the SET factor model to identify, evaluate, and understand how broad Social, Economic, and Technology changes can create Product Opportunity Gaps (POGs)
Carnegie Mellon Qatar ©2006 - 2011 Robert T. Monroe Course 70-446
References
[CV02] Jonathan Cagan and Craig M. Vogel, Creating Breakthrough Products, Prentice Hall, 2002, ISBN: 0-13-969694-6.