Standard 9: Product Development 9.7 Identify New Product Opportunities.
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Transcript of Standard 9: Product Development 9.7 Identify New Product Opportunities.
Standard 9: Product Development
9.7 Identify New Product Opportunities
New Product Opportunities
Changes in life cycle
Changes in technology
Changes in market
Changes in society
Changes in economy
Finding the GAPS!
Find the opportunities when you find the gaps!
Gap=the difference between what is currently available and what is needed/desired
Changes in Life Cycle
Product planning does not end when a product is new!
Must decide what to do with existing products as they change through the life cycle
Product Life Cycle
Maturity
Introduction
Growth
Decline
Delete or Reinvent
• What do we do when a product declines?
• Have to decide to modify or delete
• THIS IS AN OPPORTUNITY!
Modifications
Adjustments to items, lines and mixes are done for various reasonsRepositioning
Change imageExtensions
Adding more items to mix or line Contractions
Deleting products
Product Modifications
Some times, it is necessary to modify only one individual productQuality modificationsFunctional ModificationsStyle Modifications
Changes in Technology
SmartphonesVoice recognition technology
Siri
GPS Garmin, Tom Tom Google Maps
Social Media
Changes in Market/Society
Health Conscience McDonalds Happy Meal
Apple Slices, Milk Salads, wraps Bottled water
Convenience
Entertainment Games, music, movies, culture
Changes in Economy
Economic downturnCreated opportunity for new
product and product expansionGeneric brands, discount
stores, low cost alternatives and substitutes
Ways To Find the Gaps
Listen to the customer!
Ways To Find the Gaps
Market research Surveys
Asking customers what they would like, what's lacking
Focus Groups Sales records
Where are sales decreasing/not improving?
Competitors What are our competitors offering that
we aren’t? What are they doing better than us?
A Real-World Example
https://www.youtube.com/watch?v=q4wRyU-OyE0