1. Lesson 7 - New Product Design
SimVenture Evolution
Lesson 7 - New Product Design
22/11/2019

2. Summary of Lesson 6 In this module we covered: New Product Development
Create a new product identifying selling points
Reflective Journal
The CBI skills you will have developed were:
A positive attitude (readiness to take part, openness to new ideas and activities, desire to achieve
Self-management – readiness to accept responsibility, flexibility, time management, readiness to improve own performance
Team working – respecting others, co-operating, negotiating/ persuading, contributing to discussion (if you are working in a group).
Business and customer awareness- basic understanding of the key drivers for business success and the need to provide customer satisfaction.
Problem solving- analysing facts and circumstances and applying creative thinking to develop appropriate solutions.
Application of numeracy-manipulation of numbers, general mathematical awareness and its application in practical contexts.
Application of information technology-basic IT skills, including familiarity with word processing, spread sheets, file management and the use of internet search engines.
Summary of Lesson 6
11/22/2019

3. New Product Design Overview of what we’re going to cover today:
Creating a New Product
Reflective Journal
In a previous module you completed the Product Case Study and decided whether you want to keep the existing product as it is, or create a new design.
In this module you will be learning how to create a new product for the business and review the impact this has on the Research & Development department and the company.
You’ll also have the option of rewinding your decisions if you don’t like the outcome of your decision and try a different decision.
22/11/2019

4. Process to get to market
Research
Company
set-up
Product
Create new product
Selling points & pricing
Promotions
Sales Channels
Production
More research
Employability
Skills & Capabilities
Enterprise
Innovation
Entrepreneurship
In order to get the best out of running your virtual business we have given you a structure to work through called THE PROCESS TO GET TO MARKET.
This is the process model you should follow to get the business moving along.
For those of you who don’t like to work in a structured way please feel free to run the virtual business as you’d like to but this process works and could be a great starting point for you.
The basic process to get to market is to start with Research and in particular Market Research and we completed this section in a previous module.
So, today we’re going to look at the product your company is selling.
So, here is the process to get to market and where we are currently in the process.
This week we’re moving onto to DESIGNING A PRODUCT AND/OR CREATING A PRODUCT DESIGN sections.
The basic process to get to market…
Action - Gather and analyse all the market research reports. If there are no reports you’ll need to order them in the simulation.
Competition
Customer
Focus Group
Segment
Market overview
Why - To inform: Product Design / Promotions / Sales Channels
The Scenario Briefing & Research Reports provide market intelligence to inform your decisions.
* Design a Product or evaluate an existing product [PRODUCT DESIGN]
Taking into consideration your research
A simple approach to start with is to ‘copycat’ the competition
* Create or re-create the product design [PRODUCT DESIGN]
The design process has 3 stages:
A concept or blueprint with no time or cost to generate (New Design)
A technical specification (requires hours assigned to the design process using the Change Strategy button). As quarters are run the designated hours are assigned to completing the design process.
A completed design containing the detail required for manufacture
Set Selling Points in line with your product design [BRANDING]
Choose a Primary Segment and select a Secondary Segment if you wish.
Set your Product Design ready for Production [PRICING]
Set the selling price (and discount if you wish).
Set Promotions [PROMOTIONS]
To generate awareness about your company and its products…
Set Sales Channels strategy [SALES CHANNELS]
To push your product through the channels.
Manufacture some Products [PRODUCTION]
So they are ready for display in the Sales Channel outlets.
Gather more research to keep your market intelligence up to date: [ALL MARKET RESEARCH REPORTS]
View detailed feedback on your product.
Identify the sub-segments / demographics your sales were drawn from in the last quarter.
Identify the Promotions which attracted Customer attention.
Identify changes as they occur (Competitor Designs & Market Share).
Demographic
Identify the potential reach of Promotions & Sales Channels for each demographic group.
A breakdown of the demographics and preferred Sales Channel for each Sub-segment.
From this point on you should be gaining traction in the market and the challenge is to manage cashflow expand your sales to begin to turn a regular profit.
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5. New Product Design
In this module you’ll be creating a new product design [PRODUCT DESIGN]
The design process has 3 stages:
A concept or blueprint with no time or cost to generate (New Design)
A technical specification (requires hours assigned to the design process using the Change Strategy button). As quarters are run the designated hours are assigned to completing the design process.
A completed design containing the detail required for manufacture
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6. Log in Open up a browser remembering not to use Internet Explorer.
Try Chrome or Firefox instead.
Go to - don’t forget to add the last forward slash.
Log in with your user name and password using the LOGIN button.
Open the activity that has been allocated to you.
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7. The Next Step
Once you’ve logged in you will see this page called MAIN MENU.
Go to the second section called OPEN ACTIVITY outlined in GREEN and CLICK.
Open the activity that has been allocated to you.

8. Next This is the next screen you will see.
From here navigate to the left hand side of the screen to R & D and CLICK

9. Product Design Once you’ve clicked into R & D you will see this page.
Click onto THE PRODUCT DESIGN TAB.

10. Product Design
Once you have CLICKED into PRODUCT DESIGN you will see the screen above.
CLICK NEW DESIGN

11. Designing a New Product
Use the market research reports to help you design your new product
In the section you can give your new bicycle a new NAME.
You need to make sure you have reviewed the market research reports to make sure that your new product is what your customers want or need.
This is one of the most important aspects of marketing your product.
Once you’ve reviewed the appropriate reports remember to switch on the ? (question mark) button on the top tab because this will give you further information to help you to decide what your product will look like. As you click over each area you will see further information e.g. Attribute, Components, Design Time, Production, Tech Level and Score.
Let’s look at these in turn:
The attributes of the product – click into Attribute in the simulation (based on your research are your customers interested in speed as an attribute)
How many components the bike will need (more components will be needed if lots of speed is required)? Click onto Components to find out more about components.
How much design time you want to spend (the more complex the bike is the more time you might need to spend on design)? Click onto Design Time and view the information there.
How many hours will the product take to produce? (less hours will be necessary if the product is a simple one, but you will have to take an educated guess). As a guide, look at your existing product and base the hours around how long the existing product’s design takes to produce and work it out from there.
Once you have made all your decisions you can CONFIRM CHANGES.
However, remember that your decisions will not take effect until you decide to RUN THE QUARTER.
At that time the simulation will put your decisions into action.
If there are enough resources (time and cost) it’s likely the simulation will allow you to run the quarter.
However, there will also be other things going on in the business that take up time, money and resources so you need to balance these with what you want to do in R & D.

12. Which CBI skills were developed today?
As we outlined in a previous module.
Along with the skills outlined by the QAA at the beginning of this program of studies we’re also going to explore the Chamber of British Industry’s (CBI) definition of employability.
This is because these are the skills that are specifically needed by employers along with the skills identified in the QAA documentation.
This module will help you to become more aware of what employability skills are and how you can develop them.
To do this you’ll be taking part in an evaluation of your skills both before and after the program for a number of reasons:
Part of your assessment will then reflect on the development of these skills.
You will be able to see how your skills have developed and add them to your CV with evidence of how you’ve developed them.
If you haven’t already, please download and read the PDF document you can find here:
Think about which employability skills you have developed in this module.
Whilst you might think you already have all these skills if I asked you show some evidence from this module would you be able to do that?
If not, then you have some further development to do for this module.
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13. Journal
Finding the Journal – go to LEFT HAND SIDE OF SCREEN – ON BLUE TABS YOU WILL SEE JOURNAL.
Click the tab called Journal and you should see a screen like this.

14. Add Journal Entry
Write up a summary of the business as your starting point for your assessed work.
Give the entry a TITLE
CATEGORY
AREA
MESSAGE - Write up your summary which you can use in your assessment. Keep it short and bullet pointed as happens in the real business world.
Remember to press Submit to save the entry.
Well done everyone you’re set up and ready to go.
Go back into the journal to check that your notes are there.

15. Summary In this module we covered: Creating a New Product
Reflective Journal
The CBI skills you will have developed today are:
A positive attitude (readiness to take part, openness to new ideas and activities, desire to achieve)
Self-management – readiness to accept responsibility, flexibility, time management, readiness to improve own performance
Team working – respecting others, co-operating, negotiating/ persuading, contributing to discussion (if you are working in a group).
Business and customer awareness- basic understanding of the key drivers for business success and the need to provide customer satisfaction.
Problem solving- analysing facts and circumstances and applying creative thinking to develop appropriate solutions.
Application of numeracy-manipulation of numbers, general mathematical awareness and its application in practical contexts.
Summary
11/22/2019