...temasek polytechnic SCHOOL OF BUSINESS Diploma in Business AY 2014/2015 Apr Semester Product Development & Innovation PDI (BBS3005) STUDENT KIT Table of Contents OVERVIEW 3 SUBJECT AIMS AND SYNOPSIS 3 ACADEMIC CALENDAR 3 ASSESSMENT STRUCTURE 4 IMPORTANT DATES 4 DESCRIPTION OF ASSESSMENT COMPONENTS 5 PDI EXERCISE (ONLINE SUBMISSION VIA OLIVE) 6 Section 1: Individual Report 6 Section 2: Review Questions 7 GROUP PROJECT REPORT 8 PRESENTATION 9 SELF & PEER APPRAISAL (ONLINE) 11 TUTOR ASSESSMENT 11 SUBJECT CONTENT AND GENERAL LEARNING OUTCOMES 12 RESOURCE REFERENCES 14 REPORT FORMAT & REQUIREMENTS 15 Appendix I - Temasek Polytechnic’s Policy on Plagiarism 16 Appendix II - Declaration on Plagiarism Form (Individual Submission) 17 Appendix III - Declaration on Plagiarism Form (Group Submission) 18 Appendix IV - Academic Calendar 20 OVERVIEW This student kit introduces you to the subject, Product Development & Innovation (PDI) is a diploma elective subject. We are using the Inductive Approach for learning and you are required to PDI exercise, a group report and other assessment component deliverables that will demonstrate your understanding of the subject, learning process and problem solving skills. Besides the resource sessions and tutorial sessions scheduled, you may also contact your tutor in person or via phone or e-mail on matters pertaining to the subject. The subject will use OLIVE as the main platform of communication...
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...Urban and Regional Innovation Research Unit Faculty of Engineering Aristotle University of Thessaloniki PRODUCT LIFE CYCLE MANAGEMENT IOANNIS KOMNINOS Electronic Engineer, B.Eng M.Sc.(Eng) Thessaloniki 2002 Product Life Cycle Management 2 CONTENTS INTRODUCTION PART 1: PRODUCT LIFE CYCLE MODEL DESCRIPTION 1. PRODUCT DEVELOPMENT PHASE 2. INTRODUCTION PHASE 3. GROWTH PHASE 4. MATURITY PHASE 5. DECLINE PHASE PART 2: ANALYSIS OF PRODUCT LIFE CYCLE MODEL PART 3: PRODUCT LIFE CYCLE TECHNIQUE EXAMPLE: PRODUCT CANNIBALIZATION 1. UNFAVORABLE CANNIBALIZATION 2. OFFENSIVE CANNIBALIZATION STRATEGIES 3. DEFENSIVE CANNIBALIZATION STRATEGIES PART 4: PRODUCT LIFE CYCLE IN RESPECT TO TECHNOLOGY LIFE CYCLE PART 5: USE OF PRODUCT MANAGEMENT FOR SUCCESSFUL PRODUCT LIFE CYCLE ANNEX 1 ANNEX 2 REFERENCES 3 4 4 5 6 7 8 9 12 12 13 14 16 18 20 23 25 URENIO - Urban and Regional Innovation Research Unit http://www.urenio.org Product Life Cycle Management 3 INTRODUCTION All products and services have certain life cycles. The life cycle refers to the period from the product’s first launch into the market until its final withdrawal and it is split up in phases. During this period significant changes are made in the way that the product is behaving into the market i.e. its reflection in respect of sales to the company that introduced it into the market. Since an increase in profits is the major goal of a company that introduces a product into a market, the product’s...
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...Urban and Regional Innovation Research Unit Faculty of Engineering Aristotle University of Thessaloniki PRODUCT LIFE CYCLE MANAGEMENT IOANNIS KOMNINOS Electronic Engineer, B.Eng M.Sc.(Eng) Thessaloniki 2002 Product Life Cycle Management 2 CONTENTS INTRODUCTION PART 1: PRODUCT LIFE CYCLE MODEL DESCRIPTION 1. PRODUCT DEVELOPMENT PHASE 2. INTRODUCTION PHASE 3. GROWTH PHASE 4. MATURITY PHASE 5. DECLINE PHASE PART 2: ANALYSIS OF PRODUCT LIFE CYCLE MODEL PART 3: PRODUCT LIFE CYCLE TECHNIQUE EXAMPLE: PRODUCT CANNIBALIZATION 1. UNFAVORABLE CANNIBALIZATION 2. OFFENSIVE CANNIBALIZATION STRATEGIES 3. DEFENSIVE CANNIBALIZATION STRATEGIES PART 4: PRODUCT LIFE CYCLE IN RESPECT TO TECHNOLOGY LIFE CYCLE PART 5: USE OF PRODUCT MANAGEMENT FOR SUCCESSFUL PRODUCT LIFE CYCLE ANNEX 1 ANNEX 2 REFERENCES 3 4 4 5 6 7 8 9 12 12 13 14 16 18 20 23 25 URENIO - Urban and Regional Innovation Research Unit http://www.urenio.org Product Life Cycle Management 3 INTRODUCTION All products and services have certain life cycles. The life cycle refers to the period from the product’s first launch into the market until its final withdrawal and it is split up in phases. During this period significant changes are made in the way that the product is behaving into the market i.e. its reflection in respect of sales to the company that introduced it into the market. Since an increase in profits is the major goal of a company that introduces a product into a market, the product’s...
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...Analysis Contents Introduction 4 PART: 1 Proton Introduction 4 About Proton 4 PART: 2 Proton’s External Environment Analysis 5 2.1 PESTEL Analysis 6 2.1.1 Political and legal factors 7 2.1.2 Economic Factors 7 2.1.3 Social-Cultural Factors 8 2.1.4 Technological Factors 8 2.1.5 Environmental Factors 11 2.2 PROTON’s SWOT Analysis 12 2.3 Industry Analysis 12 Proton five forces model 13 2.3.1 Threat of New Entrants 13 2.3.2 Bargaining Power of Suppliers 13 2.3.3 Bargaining Power of Customers 14 2.3.4 Threats of Substitutes 14 2.3.5 Competitive Rivalry between Existing Players 14 2.4 Some other external factors 15 2.4.1 Change in Customer Demand 15 2.4.2 Globalization 16 PART: 3 17 Recommendation 17 3.1 How can we deal with the pressure of innovation? 17 3.2 Cost Control 19 3.4 Innovative feature’s pricing decision 20 3.4 Dealer knowledge in customers 20 Conclusion 20 References 22 Appendixes 25 Appendix-1 Supplier spending on R&D 25 Appendix-2 Changes in external force 25 Appendix-3 Critical industry skills 25 Appendix-4 Expected challenges of automotive industry 26 Introduction The report is going to conduct Proton external analysis and the report has been divided into main three parts. The first part will be discuss some background of the company. The secondary part complete external analysis through using PESTEL, SWOT and Porter five forces model. The third and last part of the report will be put forward...
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...workplace 2. Explore and understand the many different facets of individual creativity 3. Identify, practice, and increase one’s individual creativity skills 4. Understand how team creativity differs from individual creativity 5. Understand how creativity and innovation differ and how they are related 6. Understand the leader’s role in fostering creativity and innovation in individuals and teams 7. Understand the leader’s role in designing systems for fostering creativity and innovation in an organization Objectives of the Assignment ▪ To show ability in finding facts and defining the problems for the purpose of establishing the framework for idea generation. ▪ To display the competencies of using the creative tools and techniques for idea generation. ▪ To exhibit the competencies in evaluating ideas and making comparison against available alternatives. QUESTION You are Product Development Manager of an existing company that manufactures consumer products. The company plans to introduce a new product and sustain their competitive position in the market. As such, you are assigned by the company’s CEO to come up with a new product offering and present a proposal of the new product concept that appeal to the market. Your proposed product concept needs to be realistic and marketable within five (5) years. It is important that your product concept be able to show how innovative in comparison to the available alternatives in relation...
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...Gamble gives lots of importance to productivity and is constantly improving its productivity at all levels, to a point that it is part of the company culture. Their practices and values that have helped build that strong culture are: 1- Lead by example; the top executive team members personify the culture and consistently reinforce it through their actions. 2- Communicate regularly: Communication up, down and across the organization. 3- Transparency: Establish clear roles and responsibilities. 4- Promote for with in: human capital development to ensure consistency and well understood expectations. 5- Make data-drive decisions; Comprehensive financial, consumers and strategies rationales are all part of the decision making process. Meanwhile Unilever culture is more about what they believe in and how they act collectively. Unilever has an innovation culture. Some of the practices and values that helped Unilever achieve its goal as an innovative organization are: 1- Focus on company’s core competencies: listen to all employees’ ideas and take advantage of them. Make employees feel they are part of the company. 2- Introduction of incentive system: new management strategy that reward employees and value the human capital of the company. 3- Focused decision-making process: effective streamline decision making everybody within a department take part at the decision making process. 4- High standards of corporate behavior: in...
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...The Sophisticated Innovator The Innovation Value Chain Rather than reflexively importing innovation best practices, managers should adopt a tailored, end-to-end approach to generating, converting, and diffusing ideas. by Morten T. Hansen and Julian Birkinshaw Mick Wiggins E XECUTIVES IN LARGE COMPANIES often ask themselves, “Why aren’t we better at innovation?” After all, there is no shortage of sound advice on how to improve: Come up with better ideas. Look outside the company for concepts and partners. Establish different funding mechanisms. Protect the new and radically different businesses from the old. Sharpen the execution. Such strategic counsel, however, is based on the assumption that all organizations face the same obstacles to developing new products, services, or lines of business. In reality, innovation challenges differ from firm to firm, and otherwise commonly followed advice can be wasteful, even harmful, if applied to the wrong situations. hbr.org 1179 Hansen_new.indd 121 | June 2007 | Harvard Business Review 121 5/2/07 8:05:09 PM The Sophisticated Innovator Consider how two different CEOs confronted the innovation challenges facing their companies. When Steve Bennett joined Intuit, the maker of the financial software programs Quicken and QuickBooks, in January 2000, it was a company with lots of ideas – most collected from outside the organization – but little discipline for bringing those ideas to market...
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...Technology Management Course Book: Paul Trott, Innovation Management and New Product Development, 5.th Ed Learning objectives and Some Discussion Questions for Mid Term Exam • Recognise the importance of innovation • Explain the meaning and nature of innovation management • Provide an introduction to a management approach to innovation • Appreciate the complex nature of the management of innovation within organisations • Describe the changing views of innovation over time • Recognise the role of key individuals within the process • Recognise the need to view innovation as a management process. Discussion questions A number of chapters have several Pause for thought questions to help the student reflect on what they have just read to check their understanding. Examples: Not all firms develop innovative new products, but they still seem to survive. Do they thrive? This question attempts to get the students to recognise that while innovation is important it is possible to survive especially in the short term by focusing on traditional concerns such as minimising costs and generating sales. In the longer term, however, few firms will survive for long without the need to change; and that means introducing new ways of working and new products and services. If two different firms, similar in size, operating in the same industry spend the same on R&D, will their level of innovation be the same? This question simply tries...
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...Importance of Technological Innovation SYNOPSIS OF CHAPTER The purpose of this chapter is to set the stage for the course by establishing the importance of managing technological innovation strategically. First the chapter overviews the importance of technological innovation for a firm’s competitive success and the advancement of society in general. The chapter points out that 1) many firms are relying on products developed in the previous three to five years for large portions of their sales and profits; 2) globalization has increased competition putting more pressure on firms to compete through innovation; 3) advances in information technology have enabled both process improvements and the efficient generation of product variants which facilitates the execution of a differentiation strategy at a reasonable cost; and that 3) the residual growth in the GDP can be attributed to technological change. Both the positive and negative effects of technological innovation are described. Advances in food production are an example of the first and pollution is an example of the latter. Next the innovation funnel is introduced to show students that on average 3,000 raw ideas must enter the funnel in order to arrive at 1 successful new product launch. Gestione dell'innovazione 2/ed Melissa A. Schilling Copyright © 2009 - The McGraw-Hill Companies srl Second, the chapter discusses the risks and cost of innovation. On average, many more innovation projects fail than succeed....
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...Diffusion of Innovation Products tend to go through a life cycle. Initially, a product is introduced. Since the product is not well known and is usually expensive (e.g., as microwave ovens were in the late 1970s), sales are usually limited. Eventually, however, many products reach a growth phase—sales increase dramatically. More firms enter with their models of the product. Frequently, unfortunately, the product will reach a maturity stage where little growth will be seen. For example, in the United States, almost every household has at least one color TV set. Some products may also reach a decline stage, usually because the product category is being replaced by something better. For example, typewriters experienced declining sales as more consumers switched to computers or other word processing equipment. The product life cycle is tied to the phenomenon of diffusion of innovation. When a new product comes out, it is likely to first be adopted by consumers who are more innovative than others—they are willing to pay a premium price for the new product and take a risk on unproven technology. It is important to be on the good side of innovators since many other later adopters will tend to rely for advice on the innovators who are thought to be more knowledgeable about new products for advice. At later phases of the PLC, the firm may need to modify its market strategy. For example, facing a saturated market for baking soda in its traditional use, Arm ü Hammer launched a major...
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...1) What are the three parts of sustainability? Social Environment Economic 2) What did Michael Porter come up with? A)Reinnovation B) The Five Forces concept C) sustainability 1) Which country was used as a subject to test the potential benefits from entrepreneurship and innovation in developing countries? (a) Haiti (b) Uganda (c) Ghana (d) Latvia 2) According to the article pertaining to innovation in developing nations, there is a positive relationship between ___________ and __________. (a) education, rate of income (b) cultural barriers, economic development (c) firm size, innovation 3) T/F As a benefit of service innovation, it is believed that users have valid, innovative, useful, and creative ideas. True A unique approach to innovations produces _______ innovation verse a typical strategy that produces ________ innovation. a) radical/incremental b) greater/less c)less/greater d) incremental/radical What is not one of Porters 5 forces for competitive strategy? a) Rivalry b) Substitutes c) Consumer power d) Barriers and entry 1. The adoption of a radical process innovation is significantly promoted THE MOST by: A. Large company size B. The presence of a champion C. Technology policies D. Sustainability Answer: B 2. Which of the following factors DOES NOT impact how well a company innovates? A. Company size B. Level of education C. Race D. Amount of resources Answer: C What factor could influence...
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...International Food Business and Consumer Studies Innovation Management for the Food Industry 3D Systems Inc. “ChefJet” first commercial 3D food printer: an innovative new product in the food industry Examiner: Prof.Dr. Tonia Ruppenthal Ing.Agr. Emilio José Martínez Pietri 02.07.1981, Valencia, Venezuela. Matriculation Number: 32253922 emiliomarpie@gmail.com Witzenhausen, 07.02.2014 Student Declaration Hereby I assure that I have completed the written test independently and without unauthorized help and have not used aids other than those cited in the written test. I have marked all places which are taken verbatim or analogously from published or unpublished writings. No part of this work has been used in another written test. The citation standard used was APA (6th edition) __________________________ ________________________________ Place, Date Signature Table of contents 1. Historical Background and their products 3 2. Types of innovation the company applies/applied 3 3. Why the ChefJet is innovative 4 4. The innovation potential of the company and the product 5 5. The factors for success 6 6. The factors for Failure 7 7. The process of innovation 7 8. Map of the innovation process 8 9. Innovation Phases 9 10. Possible barriers to innovation 9 11. Analyse the market / competitors 10 12. Specify the product development 11 References 12 ...
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...Strategy for Competitive Advantage The Business Model Procter and Gamble is the world’s largest consumer products company that provides “branded products and services of superior quality and value that improve the lives of the world’s consumers, now and for generations to come.” -www.PG.com, 2010 - “New CEO Bob McDonald, who assumed office in July, is on the road promoting P&G's ‘purpose-inspired growth’ strategy of ‘touching and improving more consumers' lives in more parts of the world... more completely’"(Kanter, 2009). In 2007, P&G created a five prong business strategy to assist the company in growth, both financially and organically. Its business model focused on innovation in all parts of the company. Using the core strengths of consumer understanding, scale, innovation, go-to-market capabilities, and brand-building, virtually all the organic sales growth delivered in the past nine years has come from new brands and new or improved product innovation. Not only did the company want to ensure that its products were what the customers desired, they wanted to create a lasting positive effect on the community. The five strategies were as follows: Products: “Delight the customer with sustainable innovations that improve the environmental profile of [the] products” (P&G Strategies, Goals and Progress, 2010). In order to provide the most innovative products to the consumers, P&G invested hundreds of millions of dollars of research and development to conduct more...
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...Chap-2 *Strategy making Strategy Executing Process (1) Developing Strategic vision (2) Setting objectives (3) Crafting a Strategic to achieve the objective and vision (4) Implementing and executing the strategy (5) Monitoring developments, evaluating performance and making corrective adjustment *Strategy making process (1) Corporate strategy (2) Business strategy (3) Functional area strategies within each business (4) Operating strategies within each business Chap-3 *Industry Dominant Economic factor (1) Market size and growth rate (2) Number of rivals (3) Buyer need and requirement (4) Production capacity (5) product innovation (6) Product differentiation (7) Economic of scale *Five Forces Model (1) Rivalry among competing seller (2) potential entry of new competitor (3) Firms in other industries offering substitute product (4) Suppliers of row materials parts, components, or other resource input (5) Buyers *Industry Driving Forces (1) Increasing globalization (2) Product innovation (3) technology change and manufacturing process innovation (4) marketing innovation (5) entry and exit of major firms (6) Changes in cost and efficiency (7) Changing social concerns, attitudes, and lifestyles Chap-4 *Identifying Company Resource Strengths & Competitive Capabilities (1)A skill or important expertise (2)Valuable physical assets (3)Valuable human assets (4)Valuable organizational assets (5)Valuable intangible assets (6)Competitive Capabilities (7)An achievement or attribute that...
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...Innovation Strategy Pays Off For Kimberly-Clark (NYSE:KMB) http://investor.kimberly-clark.com/releasedetail.cfm?releaseid=... February 3, 2009 Innovation Strategy Pays Off For Kimberly-Clark REIGATE,UK - Feb. 3 2009 – Global health and hygiene giant, Kimberly-Clark, today celebrates two victories after winning ‘Product of the Year’ awards in the UK’s largest consumer survey, designed to highlight the biggest product innovations in the FMCG industry. Leading toilet tissue brand Andrex was named Household Paper Product of the Year for its 'Hello Softie' mainline product as well as Kids' Hygiene Product of the Year for Andrex 'Moist for kids'. The awards follow a strategic focus on the customer, shopper and user insights needed to drive real innovation and bring solutions into the market place that make a real difference to people's lives. Kimberly-Clark's ambition to become an indispensible partner to the retail trade by driving category growth, led by innovation is part of this strategic focus. Troy Warfield, Kimberly-Clark Vice President, said: "We have focused on investing in insights to drive our innovation, communication and activation that has seen our consumers recognize this through our share growth and the "Product of the Year" achievements. "This year we will continue to invest in our brands and drive our marketing campaigns that reach people in new and exciting ways deliver innovation and value for our consumers and continue to align Kimberly-Clark with the...
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