Podcast
Questions and Answers
Product Concept
Product Concept
- Problem Statement Product Description Target Audience Key Features Value Proposition Competitive Analysis (correct)
- Key driver of economic growth. Enhances competitiveness. Meets evolving customer needs. Creates value for stakeholders.
- Idea generation Screening Development Testing Launch
- Analytics Users Product Owner Research Priorities Opportunities
A clear definition of the customer pain point or need the product aims to solve.
A clear definition of the customer pain point or need the product aims to solve.
- Target Audience:
- Key Features:
- Problem Statement: (correct)
- Product Description:
A brief overview of what the product is, how it works, and its primary function.
A brief overview of what the product is, how it works, and its primary function.
- Value Proposition:
- Competitive Analysis:
- Target Audience:
- Product Description (correct)
The specific group of customers the product is designed for, including their demographics, behaviors, and needs.
The specific group of customers the product is designed for, including their demographics, behaviors, and needs.
The main functionalities or attributes that define the product and deliver value to users.
The main functionalities or attributes that define the product and deliver value to users.
A statement that communicates the unique benefits the product provides and why it is better than alternatives.
A statement that communicates the unique benefits the product provides and why it is better than alternatives.
An assessment of competitors, highlighting their strengths and weaknesses to identify opportunities for differentiation.
An assessment of competitors, highlighting their strengths and weaknesses to identify opportunities for differentiation.
The process of turning new ideas into commercial success.
The process of turning new ideas into commercial success.
Involves creativity, invention, and exploitation.
Involves creativity, invention, and exploitation.
Types of Product Innovation
Types of Product Innovation
The creation or significant improvement of a good or service to better meet customer needs.
The creation or significant improvement of a good or service to better meet customer needs.
The development of new or improved methods for producing or delivering products and services to increase efficiency or quality.
The development of new or improved methods for producing or delivering products and services to increase efficiency or quality.
The redesign or introduction of new ways to create, deliver, and capture value, transforming how a company operates and generates revenue.
The redesign or introduction of new ways to create, deliver, and capture value, transforming how a company operates and generates revenue.
Importance of Innovation
Importance of Innovation
is a subset of innovation.
is a subset of innovation.
Stages of NPD:
Stages of NPD:
is broader, encompassing strategy, processes, and culture.
is broader, encompassing strategy, processes, and culture.
New technologies and processes.
New technologies and processes.
Solutions to societal challenges.
Solutions to societal challenges.
New business models and structures.
New business models and structures.
Challenges in Innovation Management
Challenges in Innovation Management
is the practice of planning, developing, marketing, and continuous improvement of a company’s product or products.
is the practice of planning, developing, marketing, and continuous improvement of a company’s product or products.
The main objective of ________ is the development of a new product.
The main objective of ________ is the development of a new product.
Its ultimate goal is making sure you’re building the right product and building the product right
Its ultimate goal is making sure you’re building the right product and building the product right
Building the right product
Building the right product
Building the product right
Building the product right
Product Management
Product Management
is anything that can offered to market for attention, acquisition, use, consumption that might satisfy a wants or needs
is anything that can offered to market for attention, acquisition, use, consumption that might satisfy a wants or needs
Feautures of Product
Feautures of Product
Physical products that can be seen, touched, and measured, such as electronics or clothing.
Physical products that can be seen, touched, and measured, such as electronics or clothing.
Non-physical products like services or digital goods that cannot be touched but provide value.
Non-physical products like services or digital goods that cannot be touched but provide value.
The ability of a product to meet or exceed customer expectations and fulfill their needs.
The ability of a product to meet or exceed customer expectations and fulfill their needs.
The worth of a product, determined by what customers are willing to pay in return for its benefits.
The worth of a product, determined by what customers are willing to pay in return for its benefits.
Types of Product
Types of Product
Longer Period
Multiple Uses
Expensive
Longer Period Multiple Uses Expensive
Convenience
Specialty
Shopping
Unsought
Convenience Specialty Shopping Unsought
MAterials and Parts
Suppliers
Capital Items
Business Services
MAterials and Parts Suppliers Capital Items Business Services
Everyday items that consumers purchase frequently with minimal effort, such as groceries or toiletries.
Everyday items that consumers purchase frequently with minimal effort, such as groceries or toiletries.
Goods that consumers compare on quality, price, and style before purchasing, like clothing, electronics, or furniture.
Goods that consumers compare on quality, price, and style before purchasing, like clothing, electronics, or furniture.
Unique or high-end products with distinctive features that consumers are willing to make a special effort to buy, such as luxury cars or designer items.
Unique or high-end products with distinctive features that consumers are willing to make a special effort to buy, such as luxury cars or designer items.
Products that consumers do not actively seek or think about until a need arises, like insurance policies or emergency medical services.
Products that consumers do not actively seek or think about until a need arises, like insurance policies or emergency medical services.
Intangible services that support business operations, such as maintenance, consulting, or IT support.
Intangible services that support business operations, such as maintenance, consulting, or IT support.
Long-term assets used to produce goods and services, including machinery, equipment, and buildings.
Long-term assets used to produce goods and services, including machinery, equipment, and buildings.
Consumable items used in daily business operations that do not become part of the final product, like office supplies or cleaning materials.
Consumable items used in daily business operations that do not become part of the final product, like office supplies or cleaning materials.
Raw materials and manufactured components used in the production of finished goods, such as steel, wood, or engine parts.
Raw materials and manufactured components used in the production of finished goods, such as steel, wood, or engine parts.
also known as product assortment or product portfolio, refers to the complete set of products and/or services offered by a firm.
also known as product assortment or product portfolio, refers to the complete set of products and/or services offered by a firm.
Width
Depth
Length
Consistency
Width Depth Length Consistency
The number of different product lines a company offers.
The number of different product lines a company offers.
The variety of products within a specific product line, such as different sizes, colors, or models.
The variety of products within a specific product line, such as different sizes, colors, or models.
The total number of products across all product lines.
The total number of products across all product lines.
The degree of similarity or relatedness between product lines in terms of use, production, or distribution.
The degree of similarity or relatedness between product lines in terms of use, production, or distribution.
is the foundation of the entire product lifecycle.
is the foundation of the entire product lifecycle.
It should answer 3 main questions
It should answer 3 main questions
A long-term, aspirational statement that outlines what the product aims to achieve and the value it delivers to customers.
A long-term, aspirational statement that outlines what the product aims to achieve and the value it delivers to customers.
How the product is uniquely placed in the market to address customer needs and stand out from competitors.
How the product is uniquely placed in the market to address customer needs and stand out from competitors.
Specific, measurable objectives and key actions that guide the product’s development, growth, and success.
Specific, measurable objectives and key actions that guide the product’s development, growth, and success.
A detailed profile representing the target customer, including their needs, behaviors, and pain points.
A detailed profile representing the target customer, including their needs, behaviors, and pain points.
The unique features, benefits, or experiences that distinguish the product from competitors and attract customers.
The unique features, benefits, or experiences that distinguish the product from competitors and attract customers.
Why are you building it?
Why are you building it?
What are you building it?
What are you building it?
How are we building it?
How are we building it?
What is your purpose for creating the product?
Which positive change should it bring out?
What is your purpose for creating the product? Which positive change should it bring out?
How is the product going to benefit the company?
What are the business goals?
How is the product going to benefit the company? What are the business goals?
What product is it?
What makes it stand out?
Is it feasible to develop the product?
What product is it? What makes it stand out? Is it feasible to develop the product?
What problem does the product solve
Which benefit does it provide?
What problem does the product solve Which benefit does it provide?
Which Market or market segment does the product address?
Who are the target customers?
Which Market or market segment does the product address? Who are the target customers?
A computer on every desk and in every home.
A computer on every desk and in every home.
To capture and share the world’s moments.
To capture and share the world’s moments.
Goals
Buying Motivation
Role
Buying Concerns
Challenges
Company Size
Industry
Goals Buying Motivation Role Buying Concerns Challenges Company Size Industry
Flashcards
Capital of France (example flashcard)
Capital of France (example flashcard)
Paris
