New Service Development involves experimentation unlike the development stage approach of new product development. Recently a financial services industry executive mentioned that there was no real need for them to develop a prototype, do a product use test and then go into large scale manufacturing followed by market testing and product launch. Here was theContinue reading “New Service Development involves experimentation”
Category Archives: Leadership and Management
From Product Innovation Charter to the Product Protocol
The Product Protocol is a written document that the multi-disciplinary new product development team puts together to help team members from functions like R&D,Design,Marketing,Procurement, Production co-ordinate.
Understanding the Buying Center can help B2B Marketers and Supply Chain for innovation
[ Note: Thank you dear readers for your overwhelming interest in this post originally published on June 7, 2012.The image is updated March 9, 2021.If you are a business and want to get more success out of your B2B Digital Marketing budget, and would like to consult with Dr. Roy- please send an email to Serve@StratoServe.com to schedule a Zoom call.}
Understanding and talking about the Buying Center can help B2B Marketers and Supply Chain Managers for innovation. The Buying Center is a 40 year old concept attributed to Webster and Wind and can be hugely useful to both B2B Marketers and Supply Chain /Procurement managers today. The Buying Center is a part of the informal organization and involve a bunch of people who have varying influence on the B2B buy decision. The individuals in the Buying Center can have one or more of the following roles:
Innovation: Product Innovation Charter (PIC) helps prevent scope creep in technology and market
A Product Innovation Charter (PIC) can help prevent scope creep for both the technology and market dimensions. The PIC is supposed to have guidance from top management to the innovation team about the market focus and the technology focus that the multi-disciplinary team should try to maintain. Here is how both these focus points are derived:
What CEOs’ can learn from the sixty years reign of Queen Elizabeth II
Sixty years of reign by Queen Elizabeth II with 12 Prime Ministers must make all CEO's wonder. Given that CEO's are barely able to last 7 years at the helm of companies. OK CEO's are not monarchs but you have to to wonder at the enduring success of the British monarchy in an ever-changing world. Continue reading “What CEOs’ can learn from the sixty years reign of Queen Elizabeth II”
May Jobs Report: What can college students do?
The May jobs report is devastating. It's estimated that over half the graduating class of 2012 will not have jobs. Yes the economy is slow, it's slowing in emerging markets as well besides Europe that seems very bad. However, those US students who are entering college in the fall need to consider the following things:Continue reading “May Jobs Report: What can college students do?”
Concept Testing in New Product Innovation : worth the cost
Concept testing in new product innovation is worth the cost. In B2B there are normally fewer customers and concept testing is easier and less expensive. But if you are in B2C with millions of potential customers for your new product, concept testing costs do work out.
[Note: This post was originally published on May 30, 2012. Thanks to reader interest we have done minor updates to the post on March 9, 2021.]
For prices starting at under 100,000 $ from leading concept testing agencies, you can get to know what your potential customers think about your new product concept. For consumer food products, let’s say you get one bit of feedback: some folks are wondering about the high sodium level. You can come up with a low-sodium variant and grab large sections of the older population that’s trying to watch its sodium and salt intake for blood pressure. Think of the millions of new customers that the product would have missed without a timely concept test !
Innovation : tyranny of the Buy Class Relationships in B2B Marketing
The tyranny of buy-class relationships hinders innovation. Buy-classes are a part of the Buy Grid that also considers Buy Phases. The Buy-Grid is an old model of looking at buying decisions in the supply chain. Robinson, Faris and Wind in 1967 (here is a nice summary) came up with the buy-grid to say that organizations have different processes depending on whether the B2B buy was a straight rebuy, modified rebuy or a new buy.
Why is execution so difficult and strategy so easy?
Why is execution so difficult and strategy formulation so easy? This is one of those perennial management and leadership questions. A question that legendary managers like Jack Welch emphasizes and thought leaders like Ram Charan have been writing about. Somehow execution is equated with “tactics” and numerous budding managers and leaders are constantly told about being more strategic- as if great strategy alone will get things done. Here are some thoughts on bridging the strategy to execution challenge:
A stitch in time: pick innovation winner ideas at the early stages
Picking innovation winners early in the stages of the innovation process is like a stitch-in-time. In an earlier post we had talked about how top leaders are involved less in the early parts of the innovation process viz. idea generation, concept development and testing. They seem to realize only in the development,manufacturing and launch phasesContinue reading “A stitch in time: pick innovation winner ideas at the early stages”