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

2. 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.

3. 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)

4. Types of product opportunity
TECHNOLGY KNOWLEDGE
MARKET KNOWLEDGE

5. Tournament structure of product opportunity identification
Scan page 37

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

7. 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

8. 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

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

10. 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)

11. 3M stands for…

12. 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

13. Camelbak innovative product

14. 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”

15. 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

16. 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

17. EXHIBIT 3-10
PAGE 48

18. STEP 6: REFLECT ON RESULTS AND PROCESS

19. Thank you class…!