1 16 2008 How to identify product needs and gaps Dr. Jim Hershauer.

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Presentation transcript:

How to identify product needs and gaps Dr. Jim Hershauer

Strategy Choices What Business Are We In? Who Is the Primary Customer? What Are Limited Resources? What is Our Specialty/Strength? What Processes Do We Excel At? What Partnerships Make Sense?

Entrepreneurship A process of applying innovation to meet an opportunity in the marketplace

What is the nature of the marketplace? Markets –Global –Unpredictable Competitors –Changing –Unforeseen Customers –Changing –Reach & Richness of Information

What is the Process? 1.Observation & documentation 2.Idea generation & screening 3.Evaluation of product/service bundles 4.Innovative technology or business model 5.Prototype & business plan 6.Implementation strategies & metrics 7.Commit resources & create value 8.Execute tactics & operations to capture value

Choosing a Value Discipline Treacy & Wiersema Process Excellence Market Leadership Customer Intimacy And now a fourth alternative? Environmental Innovation

Value Proposition Speed Benefits Quality Benefits Flexibility Benefits Environmental Benefits Costs

Environmental Benefits Award of contracts Coverage by insurance companies Receipt of financial needs Stock prices and stockholder satisfaction Market order qualifier Consumer perceptions – order winner Contribution to future Product/service bundle life-cycle benefits

Esty and Winston Eco-efficiency Value chain eco-efficiency Eco-risk control Eco-design Eco-sales and marketing Eco-defined new market space Intangible value

Mindset Principles Systems thinking on net value-added Do the right thing Meet customer needs and environmental goals Understand stakeholders’ feelings Leader commitment

Eco-tracking Tools Life cycle assessment (LCA) Metrics Trace footprint Product/service delivery and use Materials database Management systems (ISO 14000) Partnering (including NGOs and communities) Supply chain models

Design Tools DfE (Design for Environment) AUDIO (aspects, upstream, downstream, issues, opportunities) p. 62 Stakeholder analysis p. 97 LEED (Leadership in Energy and Environmental Design) LOHAS (Lifestyle of Health and Sustainability) Closed loop models Supply chain audits EPA guides EPEAT and other industry standards Mayors and University Presidents initiatives NGOs and other rating systems Eco-labeling The Equator Principles