1. Standard 9: Product Development 9.7 Identify New Product Opportunities

2. New Product Opportunities Changes in life cycle Changes in life cycle Changes in technology Changes in technology Changes in market Changes in market Changes in society Changes in society Changes in economy Changes in economy

3. Finding the GAPS! Find the opportunities when you find the gaps! Find the opportunities when you find the gaps! Gap=the difference between what is currently available and what is needed/desired Gap=the difference between what is currently available and what is needed/desired

4. Changes in Life Cycle Product planning does not end when a product is new! Product planning does not end when a product is new! Must decide what to do with existing products as they change through the life cycle Must decide what to do with existing products as they change through the life cycle

5. Product Life Cycle Maturity Introduction Growth Decline Delete or Reinvent What do we do when a product declines? Have to decide to modify or delete THIS IS AN OPPORTUNITY!

6. Modifications Adjustments to items, lines and mixes are done for various reasons Adjustments to items, lines and mixes are done for various reasons Repositioning Repositioning Change image Change image Extensions Extensions Adding more items to mix or line Adding more items to mix or line Contractions Contractions Deleting products Deleting products

7. Product Modifications Some times, it is necessary to modify only one individual product Some times, it is necessary to modify only one individual product Quality modifications Quality modifications Functional Modifications Functional Modifications Style Modifications Style Modifications

8. Changes in Technology Smartphones Smartphones Voice recognition technology Voice recognition technology Siri Siri GPS GPS Garmin, Tom Tom Garmin, Tom Tom Google Maps Google Maps Social Media Social Media

9. Changes in Market/Society Health Conscience Health Conscience McDonalds Happy Meal McDonalds Happy Meal Apple Slices, Milk Apple Slices, Milk Salads, wraps Salads, wraps Bottled water Bottled water Convenience Convenience Entertainment Entertainment Games, music, movies, culture Games, music, movies, culture

10. Changes in Economy Economic downturn Economic downturn Created opportunity for new product and product expansion Created opportunity for new product and product expansion Generic brands, discount stores, low cost alternatives and substitutes Generic brands, discount stores, low cost alternatives and substitutes

11. Ways To Find the Gaps Listen to the customer! Listen to the customer!

12. Ways To Find the Gaps Market research Market research Surveys Surveys Asking customers what they would like, what's lacking Asking customers what they would like, what's lacking Focus Groups Focus Groups Sales records Sales records Where are sales decreasing/not improving? Where are sales decreasing/not improving? Competitors Competitors What are our competitors offering that we aren’t? What are our competitors offering that we aren’t? What are they doing better than us? What are they doing better than us?

13. A Real-World Example https://www.youtube.com/watch?v=q4wRyU- OyE0