pob stage 2 marketing seminar 3 post students
DESCRIPTION
POB Sem 3 debriefTRANSCRIPT
Seminar: New Product Development Process
Topic Number:3
Principles of Business: Stage 2 Marketing
Overview
You have been brought in as a consultant to help an organisation of your choosing develop a brand new product. Your task today is to use the new product development framework to come up with a new product that you will present to the board of directors. The product needs to meet customer needs, be commercially viable and be differentiated from competitors.
Your task is to utilise the new product development framework and come up with an original idea. This involves a number of steps including:
• Idea generation• Idea screening• Business analysis• Prototyping • Test marketing • Commercialisation
3
• Be able to develop and articulate a range of ideas that could be taken to market
• Put together a robust testing framework to assess a potential set of new ideas to be taken forward
• Understand and conduct business analysis to determine the most commercially sound propositions to take to market
• Come up with a variety of ways to prototype a short listed set of ideas
Learning outcomes of this seminar
Agenda for this seminar
Articulate a number of ideas that were generated in the idea generation session
Conduct a business analysis on the short-listed set of ideas
Explain how you would go about developing a prototype and commercialise your idea
Put together a scorecard to assess the ideas that were put together
Structure for the session
You will have 15 minutes to
discuss each question
We will have a de-brief at the end of each 15 minutes to hear your thoughts on each area
Feel free to ask questions but please do not have separate conversations ‘we are all in
this together’!
The Product Development Process
Articulate a number of ideas that were
generated in the idea generation session
Gathering Insights and Knowledge
Understanding your customers
needs and wants
Getting an idea for opportunities
and gaps that exist in the
market
Internal sources of ideas can be very powerful
given prior experience of the
customers and market
Customers Market Internal
How do you come up with an insight?
• Know what you know first
• Put yourself in your customers shoes
• Give yourself time to think
• Keep digging
• Test the insight in action
The Ideation Process
Identify high level concepts
Bringing together ideas with
similarities and commonalities to
form bigger concepts/initiative
s
Selecting the best and most
interesting ideas for development into opportunities
3 main techniques
Workshopping
Enables, rapid collaborative
ideationDesk-based
Research
Using validation sources to support
your ideasStretch and Build
Ensures ideas are more fully formed
Put together a scorecard to assess the ideas that were
put together
Key Criteria for a Scorecard
Would customers want to buy it?
Is it commercially viable?
What is the regulatory position?
Does it fit with our brand, ethos and
values?
The Risk/Reward Equation
Balance between risk and reward
Rew
ard
Risk
Quick Wins
Incremental Improvement
Speculate
Reconsider
Conduct a business analysis on the short-
listed set of ideas
A proposition contains the following
Is it commercially attractive?
Market Structure
Describe the key players in the market
How profitable is the market
Market Size
What's the size of the market?
Consider both the current and future growth
potential
Trends
Describe the key trends that are driving the market?
Conduct a PESTEL analysis to determine the key trends
What are the future developments that are likely to
take place in the market?
Does it fit in with the organisation vision and goals?
Strategic rationale
Does it fit with the vision and strategy of the
business?
Organisation
Can the organisation
scale the product?
Does it fit the culture?
Brand Fit
Is in line with the brand?
Financially sound?
Total Market
Addressable Market
Target Market
Expected Market Share
What Will Customers Pay?
Explain how you would go about
developing a prototype and
commercialise your idea
Consider the customer journey
Chronological walk
through
Customer actions
Thoughts and Feelings
Business Delivery
Guiding Principles
Detailing Exact Requirements
Cross functional
stakeholders
End to end walkthrough
Gap analysis
Getting a prototype ready to test using
Focus groupsCo-creation workshops
Depth interviews
Online discussion
groups
Quantitative survey
Omnibus questions
Finally, concept stress testing
Identify risksCommercial
impact
Likelihood of risks
Mitigating risks
End of Seminar
Note: This recording is for your personal use only and not for further distribution or wider review.
© Pearson College 2013