Analyzing Product/Service Risks and Benefits

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Presentation transcript:

Analyzing Product/Service Risks and Benefits Chapter 7 Analyzing Product/Service Risks and Benefits

Learning Objectives Discuss the current trends in product/process development Differentiate the way entrepreneurs develop products from the way they develop services Describe the product development cycle

The Nature of Product/Process Development Sophisticated customers in fragmented markets The impact of technology

How Entrepreneurs Develop Products & Services Impact of Insufficient Resources: Poor execution Time to market increases First to market opportunities are missed Projects are made simpler so that more can be done with less Team morale declines And more… Can you think of some more…?

Figure 7.1: The Consequences of Resource Shortfalls for New Product Development

How Entrepreneurs Develop Products & Services New product failure results from: Lack of good market analysis Technical problems

Figure 7.2: The New Product Development Success Curve Source: Based on the research of Greg A. Stevens and james Burley in “Piloting the Rocket of Radical Innovation,” Research Technology Management, 46(2):16-26.

How Entrepreneurs Develop Products & Services Strategies to consider when competing effectively in product development: Design products right the first time Shorten the time to market Outsource some product developments tasks

Figure 7.3: From Idea to Market

The Product Development Cycle The process cycle components: Opportunity recognition Technical feasibility analysis Design and development of platform Prototype building and field testing Initial market tests Product market introduction and ramp-up

Table 7.1: New Product Checklist

Outsourcing Product Development Areas suitable for outsourcing that require engineering analysis, design and expertise: Component design Materials specifications Machinery to process Ergonomic design Packaging design Assembly drawings & specifications Parts and material sources (suppliers) Operator’s and owner’s manuals

Let’s Summarize Know the current trends in product/process development Differentiate the way entrepreneurs develop products from the way they develop services Describe your product development cycle

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