Course introduction

Question 1

What makes a product?

Answer 1

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

Question 2

Why do new products succeed?

Answer 2

• 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

Question 3

Why do new products fail?

Answer 3

• Poor idea
• Poor positioning
• Market too small
• Lacking company capabilities
• Organizational problems
• Inadequate distribution
• Poor timing

Question 4

What can be done to maximize the probability of success and minimize the risk of failure?

For a new product

Answer 4

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