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Questions and Answers
What is the primary purpose of using frameworks to stimulate idea generation?
What is the key benefit of using the 'Strategy 7 degrees of strategic freedom' framework?
What is the key focus of the 'Growth 3 horizons' framework?
What is the key benefit of using the 'Forces of attack' framework?
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What is the key focus of the 'Value chain restructuring' framework?
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What is the primary purpose of using the 'KFS' framework?
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What is the key benefit of using the '5 Cs' framework?
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What is the primary purpose of using the 'Growth Practice' framework?
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What is the key focus of the 'Scenario analysis' framework?
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What is the primary purpose of using the 'Market place' framework?
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Study Notes
3M's Innovation Transformation
- Bill Coyne, former SVP of R&D at 3M, emphasized the role of people in tailoring solutions for leading customers, highlighting the challenge of standardized processes in innovation.
- Since 1997, 3M has introduced 70% of major product lines, demonstrating the company’s significant product generation rate over the past 50 years.
Results of Lead User Experience
- Adoption of lead user methodology resulted in a reduction of development time by 67%.
- Average sales of products developed using this method were approximately 7 times greater than those created using traditional methods after five years.
- Market share for lead user products also surpassed traditional methods by over four times, showcasing superior performance in the marketplace.
Lead User Methodology
- A relatively new method, lead user strategy has shown successful application across various industries including high-performance camping gear and medical devices.
- It significantly enhances product innovation, evidenced by an increase in reported innovativeness upon using the technique.
Product Patterning Framework
- Product patterning is based on Genrich Altshuller's research, identifying five creativity patterns that predict successful product innovations.
- This method aids businesses in exploring new product ideas, particularly beneficial for understanding and leveraging existing platforms.
Five Patterns of Creativity
- Subtraction: Removing essential components from products can lead to increased sales or new product development.
- Focuses on addressing barriers faced by potential users to stimulate new needs and foster innovation.
Opportunity Trees for Idea Generation
- Opportunity trees encourage exploration in two main areas:
- Modifying manufacturing and sales processes to create killer ideas.
- Exploring industry structure changes and potential external shocks to generate innovative concepts.
Frameworks for Idea Generation
- Different frameworks are employed to stimulate strategic thinking and idea generation across various dimensions of the business landscape.
- Examples include analyzing the value chain and systematically identifying potential profit sources, followed by generating strategic options through multiple horizons.
Application of Frameworks
- Frameworks guide teams in brainstorming options aligned with client aspirations while mapping external market opportunities.
- Emphasis on understanding client capabilities and leveraging industry trends to uncover business opportunities, enabling informed strategic decisions.
Strategic Freedom and Trends
- Companies need to consider various forces affecting their market positions, including customer behavior, competitive landscape, and internal capabilities to optimize strategies.
- Identifying unmet customer needs and analyzing industry trends are critical for generating relevant solutions and maintaining competitive advantage.
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Description
Discover the approach that drove 70% of major new product lines at 3M since 1997, leading to a remarkable rate of innovation. Learn how the company's people-centric strategy stimulated growth and success. Test your knowledge of innovation and R&D in this quiz.
