New Product Strategy

Krishna UnadkatMEFGINew Product StrategyProduct Innovation Strategy

Need for Product InnovationIt specifies the market potential.It specifies the source of competitive advantages .It specifies the differential advantage the development seeks through technology.It specifies the relative orientation between technology and market leadership.The level of risk acceptance can be set.

Types of RiskTechnologicalMarketCompetitive InvestmentProduct Innovation Charter - CrawfordBackground : Key ideas from the situation analysis, special forcesFocus : Have at least one clear technology and one clear market dimensionObjective : Be as specific as possibleGuidelines : Any special source of InnovativenessComponents of New Product Strategy :TechnologiesMarketsTechnological NewnessInvention v/s Innovation

Invention is a part of innovation whereas innovation goes beyond the laboratories and requires conversions.One invention may lead to one or more innovations.The conversion process of innovation may be quite separate from the invention. Different people at different times to different degreeTechnology forecasting

The difficulty in predicting a breakthroughThe time lag between invention and innovationInterrelationships among technologies which activate developmentUncertainties regarding the diffusion of new technologiesManaging R & DOffensiveDefensiveLicense Interstitial AcquisitionEYE TRIBEEye Tribe: Eye tracking has been actively discussed by technology enthusiasts throughout these years, but its really challenging to implement. But Eye Tribe actually did this. They successfully created the technology to allow you to control your tablet, play flight simulator, and even slice fruits in Fruit Ninja only with your eye movements.

Its basically taking the common eye-tracking technology and combining it with a front-facing camera plus some serious computer-vision algorithm, and voila, fruit slicing done with the eyes!

Market NewnessNO Technological Change New UseImproved Technology Market ExtensionNew Technology - DiversificationClassic Examples Teflon Coating

Jet Engine + Metallurgy

Fat Kill Injection

Oxygen Bars

Dairy Milk Shots

Oreo Shake