PRODUCT OPPORTUNITY identification chapter one DR. ROSMAINI BIN HJ. TASMIN FEB. 2015

Definition of product opportunity Product description in its initial form, a newly sensed need, a newly discovered technology; a rough match between a need and a possible solution. Customer suggesting new cleaner to Southern Lion Products (M) Sdn. Bhd. Textile company asking for 3M for new polymer material For example: Interactive cat toy, developed by FroliCat Inc.

Types of product opportunity TYPE 1- THE EXTENT TO WHICH THE TEAM IS FAMILIAR WITH THE SOLUTION TO BE PROPOSED (TECHNOLOGY KNOWLEDGE) TYPE 2 – THE EXTENT TO WHICH THE TEAM IS FAMILIAR WITH THE NEEDS TO THE SOLUTION (MARKET KNOWLEDGE)

Types of product opportunity TECHNOLGY KNOWLEDGE MARKET KNOWLEDGE

Tournament structure of product opportunity identification Scan page 37

Cat toys’ product opportunity tournaments 7 OPPORTUNITIES WITH REPRESENTATIVE PRODUCT CONCEPTS BECOMING 3 PROTOTYPES TO ONE ACTUAL PRODUCT TO THE MARRKET

Product opportunity identification process ESTABLISH A CHARTER GENERATE AND SENSE MANY OPPORTUNITIES SCREEN OPPORTUNITIES DEVELOPING PROMISING OPPORTUNITIES SELECT EXCEPTIONAL OPORTUNITIES REFLECT ON RESULTS AND PROCESS

STEP 1: ESTABLISH A CHARTER MISSION STATEMENT FOR A NEW PRODUCT “CREATE A PHYSICAL PRODUCT IN THE CAT TOY CATEGORY THAT WE CAN LAUNCH TO THE MARKET WITHIN ABOUT A YEAR THROUGH OUR EXISTING RETAIL SALES CHANNEL.” FOCUS ON PHYSICAL GOOD, INSTEAD OF SOFTWARE, AND SERVICES. INNOVATION CHARTER NEEDS TO BE HAVE BROADER FOCUS. BROAD FOCUS WILL CATER FOR POSSIBILE OPPORTUNITIES TO CONSIDER

It was official company policy that employees could use 15% of their time to pursue their own projects.

Step 2: GENERATE AND SENSE MANY OPPORTUNITIES IN MANY INDUSTRIES, 46% OF NEW INNOVATION OPPORTUNITIES ARE GENERATED FROM WITHIN ORGANISATION 23% FROM CUSTOMERS 31% FROM EXTERNAL SOURCES (COMPETITORS, BUSINESS PARTNERS, SUPPLIERS, SALES FORCE) 3M NEW PRODUCT POLICY NEW PRODUCT DEVELOPMENT OPPORTUNITY (SASAR)

3M stands for…

TECHNIQUES FOR GENERATING PRODUCT OPPORTUNITIES FOLLOW ONE’S PASSION - CAMELBAK COMPILE BUG LISTS – NOTICE FOR UNMET NEEDS, MARKET RESEARCH PULL OPPORTUNITIES FROM CAPABILITIES - FIRMS MUST EXPLOIT UNIQUE RESOURCES ( CAPABILITIES, CORE COMPETENCIES, COMPETITIVE ADV.) - TO HAVE ADVANTAGE, RECOURCES MUST BE VALUABLE, RARE, INIMITABLE, NONSUBSTITUTABLE. STUDY CUSTOMERS MINE YOUR SOURCES

Camelbak innovative product

STEP 3: SCREEN OPPORTUNITIES TO ELIMINATE OPPORTUNITIES THAT ARE NOT GIVING THE INTENDED RESULTS, HENCE FOCUSING ON THE MOST WORTHY POSSIBLITY EFFECTIVE METHODS FOR SCREENING WEB-BASED SURVEYS WORKSHOPS ~ “MULTIVOTING”

Step 4: develop promising opportunities INVEST MODEST LEVELS ON RESOURCES IN DEVELOPING FEW SELECTED PRODUCTS INTERNET SEARCES, PATENT SEARCH INFORMAL DISCUSSION WITH POTENTIAL CUSTOMERS RESOLVE BIGGEST UNCERTAINTY AT LOWEST COSTIN TIME AND MONEY FrolicCat EXPLORED SEVEN OPPORTUNITIES BUILD FUNCTIONAL PROTOTYPES TEST THEM WITH CATS AND CATS’ OWNERS CREATE PACKAGING CONCEPTS APPEAL TEST WITH CUSTOMERS FINANCIAL ANALYSIS

STEP 5: SELECT EXCEPTION OPPORTUNITIES SIGNIFICANT INVESMENT IN PRODUCT DEVELOPMENT REAL-WIN-WORTH-IT METHOD DEVELOPED BY 3M ADDRESS 3 DOMAINS OF QUESTIONS CASE PRESENTED, FROLIC-CAT

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STEP 6: REFLECT ON RESULTS AND PROCESS

Thank you class…!