Redifferentiate an Existing Product & Create a New Market An Innovation Workout using your Creativity to Breath new Life into an Old Product Customer, Market, Features, Consumption Chain (marketing and logistics), Business Model, Market Entry

Choose a Product from the Pictures Pick a specific consumer product picture from the pictures (at the end of this slide deck) Each one of these products has at some time been a‘blockbuster’ – i.e., has defined a major market in the past, Some have even redefined consumer lifestyles Quickly think through: Why customers buy this product (be honest) How customers buy this product (i.e., the consumption chain) Complementary products required to market this product Competences your firm needs to compete

: Redifferentiate your Product Each product picture provides a list of features with pointers to where they are implemented on the product They do not contain any information about why those features are important You “redifferentiate” by changing features (components) and the way they are put together into a product (architecture) Create two new “redifferentiated” products By choosing different objectives as a basis for redifferentiation Is the objective to reduce cost (how)? Or to create new, perhaps narrow, set of markets? Or to position the new product among its competitors Or to change the way consumers use, purchase, search for or otherwise interact with the product

Resegment the Market For the new product (objectives; feature sets; architecture) Describe how customers will use the redifferentiated product What new customer groups will you generate with this redifferentiated products? What old customer groups will you alienate? What new customer groups have the Growth potential? Profit potential? Revenue potential?

Remember More is NOT better! It is just more confusing SIMPLE is good Do not redifferentiate by adding features only Change existing features Get rid of useless or redundant features Simplify, worry about the human interface In the process, maybe you will want to add a feature

To Present Prepare for your group to present In 5-10 minutes Describe your one new product Draw pictures of your redifferentiated products Describe briefly how your group managed ‘Creativity’ when approaching this task Present hand written on White Board For the sake of time, please to not include anything else