Innovation Management and New Product Development
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Questions and Answers

What is one of the main objectives of classifying the development of projects by typology?

  • To limit the types of products that can be developed.
  • To determine the best mix for launching new products. (correct)
  • To increase the production costs of new products.
  • To streamline the marketing strategies for existing products.

Which factors are considered when classifying projects by typology?

  • Social media engagement and advertisement costs.
  • Degree of product change and requested information. (correct)
  • Color schemes and packaging design.
  • Market size and consumer preferences.

What does the degree of newness refer to in the context of product development?

  • The age of the business team involved in the project.
  • The existing market competition for the product.
  • The extent to which the product or process technology is innovative. (correct)
  • The historical sales data of similar products.

Which product was introduced as part of the Nutella lineup?

<p>Nutella Snack &amp; Go. (B)</p> Signup and view all the answers

What is an important aspect to consider when launching new products based on project classification?

<p>The balance between innovation and market readiness. (D)</p> Signup and view all the answers

What characterizes breakthrough projects?

<p>They lead to radical changes in product or production technology. (D)</p> Signup and view all the answers

What is the main focus of derivative projects?

<p>Making incremental improvements to existing products. (A)</p> Signup and view all the answers

Which of the following best describes platform projects?

<p>They create an entirely new generation of a product line. (B)</p> Signup and view all the answers

What is the primary goal of cost reduction/law compliance projects?

<p>To implement radical changes that minimize production costs and ensure legal compliance. (D)</p> Signup and view all the answers

Which project category aims to introduce new products into new markets with marginal modifications?

<p>Byproduct/new markets. (D)</p> Signup and view all the answers

What is the primary purpose of a projects roadmap?

<p>To represent the evolution of a company's product family (D)</p> Signup and view all the answers

Which of the following is NOT a type of product version mentioned?

<p>Advanced version (A)</p> Signup and view all the answers

What does the term 'derivate products' refer to?

<p>Products derived from existing core products (A)</p> Signup and view all the answers

What is a significant aspect of the projects roadmap tool?

<p>It identifies potential market trends and technologies. (D)</p> Signup and view all the answers

Which feature is associated with a customized product version?

<p>Specific functionalities tailored for particular customers (C)</p> Signup and view all the answers

What is the first step in the projects roadmapping process?

<p>Creating a historical data map of existing products (D)</p> Signup and view all the answers

Which of the following describes an economical version product?

<p>It reduces functionalities to lower production costs. (A)</p> Signup and view all the answers

The purpose of utilizing a Wheelwright and Clark matrix is to:

<p>Monitor alignment between objectives and actions (C)</p> Signup and view all the answers

What does the projects roadmap help define regarding future paths?

<p>Potential markets and technologies (D)</p> Signup and view all the answers

Which characteristic identifies a product in the prototype phase?

<p>It is a preliminary version for testing functionalities. (A)</p> Signup and view all the answers

How is product innovation defined in the context of customer perception?

<p>A product or service is new if a customer perceives it as new. (A)</p> Signup and view all the answers

What is a key element of the innovation process?

<p>A sequence of activities leading to new products and services. (B)</p> Signup and view all the answers

Which of the following best describes the goal of a successful innovation?

<p>To return the original investment in development and generate additional returns. (B)</p> Signup and view all the answers

What is the purpose of strategic product planning?

<p>To ensure alignment between the corporate strategy and the product plan. (D)</p> Signup and view all the answers

What do technological opportunities refer to in the innovation framework?

<p>Unexplored areas that can lead to new products and enhancements. (D)</p> Signup and view all the answers

Which aspect is NOT part of the objective of projects mapping?

<p>Defining a unique tool for marketing strategies. (C)</p> Signup and view all the answers

In the context of innovation strategies, what does 'Fast Follower' refer to?

<p>A method where companies quickly follow behind market leaders in product launches. (C)</p> Signup and view all the answers

Which component is more focused on long-term innovation planning in the framework?

<p>Strategic technology planning. (C)</p> Signup and view all the answers

What is the significance of 'Time to market' in innovation processes?

<p>It affects competitive advantage and product relevance. (B)</p> Signup and view all the answers

Which of the following statements best captures the relationship between creativity and innovation?

<p>Innovation requires creativity but is not the same as creativity. (B)</p> Signup and view all the answers

What can be classified as a key factor in identifying new product development projects?

<p>The degree of newness and time to market. (C)</p> Signup and view all the answers

What is one of the main focuses of the innovation process?

<p>To integrate both market needs and technological opportunities. (D)</p> Signup and view all the answers

What is a common misconception about the relationship between product value and innovation?

<p>Product value must always come from unique functionality. (C)</p> Signup and view all the answers

What best describes a breakthrough project?

<p>It introduces completely new products into the market. (B)</p> Signup and view all the answers

How does the newness of the process impact project classification?

<p>It determines if the project is a platform project. (B)</p> Signup and view all the answers

Which of the following represents an incremental improvement?

<p>Developing a new model of an existing vehicle. (B)</p> Signup and view all the answers

What characterizes a platform project?

<p>It allows for new generations of products to stem from a common base. (B)</p> Signup and view all the answers

In project mapping, what does 'derivative project' refer to?

<p>Projects that are based on existing technology or products. (A)</p> Signup and view all the answers

Which would not be considered a characteristic of basic research?

<p>It leads directly to commercial product development. (A)</p> Signup and view all the answers

What is the importance of sequencing projects in planning?

<p>To manage products with varying development times effectively. (A)</p> Signup and view all the answers

What distinguishes new product generation from platform projects?

<p>New product generation involves complete innovation. (C)</p> Signup and view all the answers

What best defines an incremental improvement within the context of product development?

<p>A minor enhancement to an existing product. (A)</p> Signup and view all the answers

Which project type would likely require a greater degree of new research?

<p>Breakthrough projects. (B)</p> Signup and view all the answers

What characterizes projects that are classified as 'Breakthrough'?

<p>They introduce completely new products. (A)</p> Signup and view all the answers

In the context of project mapping, what does 'Newness of the product' affect?

<p>The level of commercial risk. (C)</p> Signup and view all the answers

Which project type refers to completely new projects that are also considered platform projects?

<p>Breakthrough projects (D)</p> Signup and view all the answers

What does the category of 'Phase improvement' encompass?

<p>Enhancements to existing product families. (B)</p> Signup and view all the answers

What is one of the main risks associated with moving to completely new products and processes?

<p>Commercial risk (A)</p> Signup and view all the answers

How does project duration vary with the newness of the product?

<p>Incremental improvements take longer than breakthrough projects. (B)</p> Signup and view all the answers

What is the primary focus of 'Basic research' projects?

<p>Exploration of new ideas and theories. (D)</p> Signup and view all the answers

Which type of project involves adapting or enhancing existing product families?

<p>Derivative projects (A)</p> Signup and view all the answers

What type of project is categorized as having 'Incremental improvement'?

<p>Refining an existing product feature. (A)</p> Signup and view all the answers

What does the 'Newness of the process' imply in project mapping?

<p>It encompasses how innovative the development processes are. (A)</p> Signup and view all the answers

Which project classification includes projects that can have both risk and improvement aspects?

<p>Platform projects (C)</p> Signup and view all the answers

What is one characteristic of projects classified under 'new generation'?

<p>They replace existing generations of products. (D)</p> Signup and view all the answers

What is critical when assessing the commercial risk of a project?

<p>The expected market fit. (C)</p> Signup and view all the answers

How are man hours typically represented for 'Incremental improvement' projects?

<p>10x man hours (D)</p> Signup and view all the answers

Flashcards

New Product Development

The process of creating a new product.

Open Innovation

Innovation that uses external sources for ideas or resources.

Project typology

Different types of product & process developments.

Product development categories

Different groups of projects based on newness and process technology.

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Project mix

The combination of different project types.

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Innovation Process

The combined activities creating new marketable products, services, or production/delivery systems.

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Successful Innovation

Returns the development investment plus additional profit.

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New Product

A product a customer perceives as new.

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Innovation

Requires creativity but isn't the same as it.

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Market Needs

The requirements and desires of customers in the market.

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Idea Generation

The process of coming up with new product or service concepts.

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Execution

Putting a plan into action to develop the product.

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Control

Monitoring and managing the innovation process to maintain quality.

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Product Plan

Strategic plans for products, often including short-term and long-term perspectives.

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Project Portfolio Planning

Linking corporate strategy with the product development, categorized by newness and market time.

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Strategic Planning

The overall plans, directions, and goals of the business.

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Strategic Product Planning

Detailed plans related to particular products or product lines.

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Strategic Technology Planning

Planning related to the technology used for products or processes.

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New Product Development Process

The step-by-step process for creating new products.

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Time to Market

The time it takes for a product to reach the marketplace after development.

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Breakthrough Project

Radical change in product or process technology, creating new products or markets, with customers having no prior input.

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Platform Project

Creates a new generation of a product line with new functionalities and improved production, usually with a short time to market (under a year).

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Derivative Project

Incremental improvement to existing products or related processes, focusing on customer improvement or cost reduction.

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Cost Reduction/Compliance Project

Projects focusing on reducing production costs or adhering to new laws, involving big technical changes.

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Byproduct/New Market Project

Developing new products for new markets, with minimal changes to existing production methods.

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Project Roadmap

A visual representation of a product's development from strategy to market release, including historical products and future paths.

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Market requests

Demands or needs of customers regarding new product features and capabilities.

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Alignment Check

A process to ensure that what's planned corresponds to what's actually being done.

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Project Map

A tool presenting various perspectives on a project: matrixes like the Wheelwright and Clark's, etc for strategic alignment.

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Technology Roadmap

A technology roadmap details the evolving direction of technologies used in a company's products or services.

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Product Family

A collection of related products with similar or enhanced functionality.

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Product Versions

Different versions of a product, differing in features and functionalities (e.g., Prototype, Core, Improved, Customized, Economical, Hybrid).

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Prototype

An initial version of a product, often used for testing and evaluation.

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Derivate Product

A new product created from an existing one, often tailored to specific needs or markets.

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Customized Version

A product variation with added functionalities for specific customers or channels.

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Project Mapping

Visual representation of projects, categorized by product & process newness

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Newness of Product

Measure of how different a new product is from existing ones.

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New Product Generation

A completely new product category or a substantially upgraded version.

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Incremental Improvement

Enhancement or improvement of an existing product line.

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Product Plan

Roadmap outlining product development, including timelines and models.

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Platform Projects

Projects supporting new product lines or families.

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Derivative Projects

Projects building upon platform products.

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Sequencing Projects

Planning the order of projects, considering time to market.

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Breakthrough Projects

Completely new and innovative projects.

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Newness of Process

Measuring the degree of innovation in how products are developed.

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New Product Development

Creating new products or adapting existing ones for new markets or customers.

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Open Innovation

Export of adapted products to new geographic markets or customers.

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Project Mapping

Organizing projects by newness of the product or process.

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Project Matrix

Used to classify projects based on product and process newness, also displaying time and resources.

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New Product Newness

Measures how different the product is from existing products or ideas.

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Process Newness

How different the development process is from established methods.

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Basic Research

Fundamental exploration to advance knowledge.

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Incremental Improvement

Making small, iterative advancements to existing products or processes.

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Breakthrough Project

Projects with substantial new product and/or process innovations.

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Platform Projects

Projects based on new technologies/platforms that create a wide range of applications.

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Phase Improvement

Projects enhancing existing products/processes at specific development stages.

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Derivative Projects

Projects that utilize existing platform to create new derivative products.

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Commercial Risk

The possibility that a new product will not be accepted by the market.

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Technical Risk

The chance of encountering difficulties during the product development process.

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Project Timeframes

Estimating the time needed to complete different types of projects.

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Project Resource Allocation

Assigning resources (manpower, time) to specific projects based on their complexity.

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Study Notes

Innovation Management and New Product Development

  • Innovation is not simply creativity, but requires creativity.
  • A product/service is considered new if a customer perceives it as new.
  • Innovation involves activities leading to new, marketable products and/or new production/delivery systems.
  • A successful innovation returns the original investment plus additional returns.

The Innovation Process

  • The innovation process starts with market needs and technological opportunities.
  • This is followed by idea generation, planning, execution, controlling, and launch.
  • The process acknowledges that not all ideas will be successful.

Strategy and New Product/Technology Planning

  • Includes steps like scenarios, vision and mission, strategic planning, strategic product planning, and strategic technology planning.
  • Consistency in strategic planning is important.
  • There's a product plan and short/long term new product development.
  • Links to suppliers and new technology development are necessary.

Objective of Projects Mapping

  • Links corporate strategy to the product plan.
  • Classifies development projects based on newness and time-to-market.
  • Provides tools to distribute resources to meet market demands.
  • Ensures alignment between planned activities and actual progress.
  • Uses tools like project roadmaps and project matrices.

Projects Roadmapping

  • Represents the distilled outcomes of a strategy and planning process.
  • Illustrates the evolution of a company's product family.
  • Maps existing products/technologies (historical data).
  • Defines the future path (potential markets/technologies).

Generalized Technology Roadmap

  • Shows market/customer/competitor trends.
  • Identifies technology push/market pull.
  • Includes aspects like technology, competences, knowledge, and other resources.

Projects Roadmap of a Single Product Category

  • Shows stages like prototype, core, improved version, customized version, and hybrid version.
  • Illustrates derivative product types based on the core product.
  • Includes different versions of products, including improved, customized, and economical versions.

Example of a Hybrid Product

  • Describes products like a salad kit that combine a product and its components (ingredients).

Project Matrix: Objective

  • Classifies development projects by typology.
  • Helps determine the best mix of projects for launching new products.
  • Highlights differences in change/newness of products/processes.
  • Helps understand characteristics of each project category (extension, team size, budget, etc).

Project Mapping: Determinants

  • Classifies projects based on newness of product and process technology.
  • Considers levels like basic research, completely new, new generation, phase improvement, and incremental improvement.
  • Identifies projects as completely new, new generation, phase improvement, or incremental improvement with respect to the existing product family.

Project Mapping: Categories of Projects

  • Categorizes projects based on the newness of the product and the newness of the process.
  • Classifies projects using dimensions like breakthrough projects, platform projects, and derivative projects.
  • Differentiates projects with respect to the customers' needs

Project Classification

  • Categorizes projects based on their objectives.
  • Distinguishes between basic R&D (scientific focus), breakthrough projects (radical change), platform projects (new product lines), and derivatives (incremental improvements).

Project Mapping: Projects

  • Visual representation of new product development projects, including various parameters like basic research, completely new products, and incremental improvements.
  • Projects are plotted depending on newness of the product and the process.
  • Projects are grouped into categories such as platform projects, derivative projects, etc.

Project Mapping: Projects and Resources

  • Projects are mapped based on the degree of newness and required resources with relation to the product family.

Project Mapping: Projects, Costs, Time

  • Projects are displayed using a matrix organized by the newness of the product and process.
  • Time to completion of the projects is noted for each project grouped.

Product Plan

  • Includes product planning timelines, product family timelines, improved version, customized version, hybrid version, economical version.
  • Provides an overview of the product plans, including timelines for development, and types of products to be produced.

Summing up

  • Highlights how to link firm strategy to the portfolio of projects.
  • Reviews how to determine consistency between firm strategy and new product development.
  • Demonstrates how to map the evolutionary path of new products.

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Innovation Management and Product Development Process PDF

Description

Explore the key concepts of innovation management and the new product development process. This quiz covers the stages of the innovation process, strategic planning in product development, and the importance of market needs. Test your knowledge on how innovations can lead to success in the market.

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