We have spoken to many senior leaders who are frustrated with their product development processes and who believe that despite their best efforts, most products move forward because of “gut feel” rather than a detailed and consistent market assessment. Developing solid rationale and requiring a business case that includes an appropriate market assessment should be a requirement for advancing a new product or service concept to market. The business case, and its market assessment section, Continue reading MARKET ASSESSMENT FOR NEW PRODUCTS – THE 10 KEY QUESTIONS APPROACH
I was recently working with a division of a $1B company who was having problems with the introduction of a highly engineered product in a foreign country. They were struggling with manufacturing a complex component in a new product that was introducing a disruptive technology.
They recognized that this new product introduction was complex and that successfully introducing this product was the basis for their Market Effectiveness. They knew that that new product introduction programs typically generate their highest sales and profit margins in the fist 12 months after implementation. Disruptive product programs that are poorly implemented Continue reading Weekend Thought: New Product Introduction
Anti-Strategy causes a negative impact on Market Effectiveness and your customers know it. Let’s start with a couple of definitions before we get into the meat of this article: Anti-Strategy: Conscientious employees trying to do the right things without the guiding principles of a clear strategy.
It’s natural and often advisable to get excited about “the next big, new thing” and focus your energy and revenue growth emphasis accordingly. However, just as there is continuing truth to the old business axiom, “Your best revenue growth opportunities are often with current customers”, it’s also true that companies abandon “old platforms” too quickly.
If you are like many leaders, you remember the great new ideas that were early springboards for your company’s success. For some reason, however, your new products and services “pool” seems to have dried up over the years. What happened? Have you become less creative? Has your organization grown complacent and removed from customers and how your products are used? Perhaps you’ve just been looking in the wrong places.
An executive once asked “at what revenue level does it make sense to adopt mass customization to improve business execution?” From the perspective of manufacturing products, it is one thing to be a “customizer” and quite another to be a “mass customizer.” Here’s how business leaders need to think about this issue.
It is possible to produce customized products with inefficiencies that only grow as Continue reading When Should A Company Adopt Mass Customization
I was recently speaking with a client about Make vs. Buy. We were discussing when the appropriate time was for doing that kind of analysis. The natural assumption is that world class organizations are doing that kind of analysis whenever a new product program or a major new contract is being worked on. It should be part of every analysis to provide continuous feedback to the Manufacturing organization and the business’s executives. Make vs. Buy analysis will tell you Continue reading When Is The Best Time To Do Make vs. Buy?
Management of a project, regardless of the specific intent and outcome, can generally be accomplished using fairly universal tools and techniques with a significant amount of focus and discipline.
A team approach has been shown to gain ‘ownership’ in the project and a consistent and uniform means of communication allows participants and stakeholders to stay abreast of the project by providing feedback to the team and the project leader(s). As a business leader, you frequently find yourself faced with the dilemma of having to define, justify, and implement a significant project or program, that at its conception, is generally just a collection of ideas, proposals, ‘back of the envelope’ calculations or benefits.
To bring these together takes the focus of a Continue reading Project Management Keys to Success
The concept of “system selling” has been tossed around so much over the years that it has lost some meaning. However, the wisdom of offering products and services that don’t stand alone, but which intimately fit into a greater system for the end user or client, continues to be sound and exploitable by marketers. It is a necessary element in product management and the Product Lifecycle Revenue Model. Why? Continue reading Don’t Sell Products, Sell Systems – The Product Lifecycle Revenue Model
Group50 Consulting, formed in 2004 announced today that it has added an Intellectual Property audit to its Company Physical®, a series of cross functional audits that companies should use to complement their financial audits as further validation of the company’s health. This audit is focused on the business wide practices for protecting Intellectual Property.
Most senior executives believe that Intellectual Property protection is a function of patents and trademarks. This is farthest from the truth according to Jim Gitney, Group50’s CEO. “Patents and trademarks are only a part of protecting a company’s IP. Your Intellectual Property is only as good as your willingness to protect it, and after the fact is a very costly proposition. A proactive approach to protecting IP includes the way outsiders are handled, how employees are trained and communicated with and the approach a business takes in its documentation. The more serious a company is about protecting its IP up front, the harder outsiders will think about stealing it. Unfortunately, we live in a world where a cost analysis often dictates whether or not another company will copy the hard work done by others. This topic is often not thought about or given enough credance as highlighted in a recent Group50 Case Study on Protecting a Company’s Intellectual Property Rights. “
Group50 has designed this Intellectual Property audit to be able to quickly check how proactive a company is in its protection efforts. The audit provides a detailed report on how a company can be proactive and continue to protect it competitive position.
About Group50®: Group50 was founded in 2004 with the vision of providing clients with seasoned professionals who have spent their careers in business. The company has developed unique consulting products such as the Company Physical® and various workshops that are focused on helping companies effectively understand their strategic and operating gaps, create roadmaps to fix them and work side by side with them to implement those changes. Group50 provides clients with consultants who have the specific knowledge they require for a project. More information about the company can be found at www.Group50.com or by calling 909-949-9083.