What challenges does a company face in developing new products and sercives.pptx
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Transcript of What challenges does a company face in developing new products and sercives.pptx
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Challenges in
Developing new
products and
services
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New Products Options:
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Either add new products through acquisition (buy other companies, patents, license from other companies)
Acquisition:
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Organic Growth: Development of new products from within.
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But, the bitter truth is that fewer than 10% of all new products are truly innovative and new to the world.
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Product-launch Challenges:High-tech firms in telecommunications, computers and others face product launch challenges viz..
High Technological uncertainty
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Fierce Competition :
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High Risk in Investment
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Challenges in New-Product Development
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1. Continuous Innovation- A Challenge
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What could be the solution??
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W. L. Gore provided the solution:
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1. Work with potential customers
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2. Allows employees to choose projects and appoint few product leaders and teams.
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3. Gives ‘Dabble Time’ to employees i.e. 10% of working hours developing their own ideas.
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4. Promising Ideas are pushed forward and judged according to – Real, Win, Worth?
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Is the opportunity real?
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Can we win?
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Can we make money?
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2. New Product Success:
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- Established Company focus on Incremental Innovations
- Newer Company Create Disruptive Technology
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Minimal Advantage
Moderate average
Superior product
0 20 40 60 80 100 120
New Product Success Rate
Axi
s Ti
tle
98%
58%
18%
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Cooper and Klienschmidt found that products designed solely for domestic markets tend to show a high failure rate, low market share, and low growth.
Although, those designed for the world market – or atleast neighboring countries- achieve significantly more profits at home and abroad.
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3. New Product failure :
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Failure reasons :
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Poor Advertisement
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Wrong Timing
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Recap :
• Various types of new products and ways to create them – Acquisition and Organic Growth.
• Product-launch challenges in high-tech firms in telecommunications.
• Challenges in New product development: 1. The Innovative Imperative 2. The Product Success 3. New product failures and their reasons.
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Credits:www.eecatalog.com www.slideshare.netwww.European-coatings.comwww.businessgrowthstrategies.comwww.proactiveinvestors.comwww.newsandviews24.comwww.ipgsystems.comwww.rdpartners.comwww.btgh.comwww.prudentpress.comwww.thestar.com.mywww.insurefirst.inwww.vpc.comwww.clearspring.co.ukwww.drspem.comwww.gotostrong.comwww.menterman.comwww.fernadofisch.comwww.mbahighway.com
www.productlifecyclestages.comwww.powerdecisions.comwww.blog.dabble.cowww.playbuzz.comwww.magingif.comwww.onedesk.comwww.risenetworks.orgwww.linkedin.comHbr.orgwww.cvsbwf.comwww.chaleylynn.wordpress.com
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