Product+Innovation

__**Three Levels of a product? **__ Three Different/levels of Products Core product —it’s intangible, and benefit of the product makes it valuable to you Actual product —that’s what customers consider and patronize most frequent. It’s tangible, the carrier of actual benefits. Augmented product—non-physical part of the product, consisting lots of added value, for which you may or may not pay a premium -Examples of augmented products include: add-ons, guarantees, servicing, warranties

__**Marketing Malpractice **__ · People hire products to do a job. They are not the statistical composite of the market segment. Develop a product to do a job that people want done. Then build this purpose brand Ws-  - Observe people in action to determine what jobs they want done. Then think of things that can get that job done better.

__**Three Jobs of Products **__ 1. Functional—meet people’s physical and safety needs 2. Social—meet people’s belongingness needs 3. Emotional—meet people’s esteem needs and self actualization needs Purpose brands (disruptive innovation) 1) save time in selection <span style="font-family: Arial,Helvetica,sans-serif;">2)reduce risk of poor selection(above two are what general product can do) <span style="font-family: Arial,Helvetica,sans-serif;">3)make the buyer feel good <span style="font-family: Arial,Helvetica,sans-serif;">4)confer status <span style="font-family: Arial,Helvetica,sans-serif;">Endorser brand (sustaining& disruptive) <span style="font-family: Arial,Helvetica,sans-serif;"> <span style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;"> 5) Goal is that when people think of a job, they think of this brand, e.g. Volvo for car safety

__**<span style="font-family: Arial,Helvetica,sans-serif;">Marketing Myopia **__ <span style="font-family: Arial,Helvetica,sans-serif;"> --don’t define your business with a technology. It will be obsolete soon. Understanding the benefit you can provide is more important. <span style="font-family: Arial,Helvetica,sans-serif;">-- There is no such thing as a "growth industry," but rather, companies compete on growth opportunities. Every major industry was considered a "growth" industry at one point in time. But, the fact of the matter is, we cannot determine what technologies will replace/change the industry in the future. In order to sustain, companies must define their industry more broadly and keep up with change. <span style="font-family: Arial,Helvetica,sans-serif;"> <span style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;"> --Businesses that define themselves in such a manner will inevitably go away. <span style="margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;"> --Defining the market’s preferences of what a company wants to produce is different than actually listening to the preferences of the market and providing them with their preference. --Don’t think too highly of yourself or too smugly about the position of your company. It can and will all change. Pay attention to the wants and needs of the customers. Your assumptions can kill you.

<span style="font-family: Arial,Helvetica,sans-serif;">Purpose Brands

__**<span style="font-family: Arial,Helvetica,sans-serif;">Finding Jobs **__ <span style="font-family: Arial,Helvetica,sans-serif;">1) Query <span style="font-family: Arial,Helvetica,sans-serif;">2) Observation <span style="font-family: Arial,Helvetica,sans-serif;">sometimes body language can give you an insight into people’s thoughts; this is why focus groups often lead you astray. (e.g. Nike Example. Guests tell what they want to hear to please Nike, therefore bring people randomly from street to office to have a face-to-face interview is more reliable) <span style="font-family: Arial,Helvetica,sans-serif;">- When you talk to people about a job or in seeking to find a job in need you want to talk to people on the extremes as well as the "average people". The extremes is often where you find the really good insights.
 * <span style="font-family: Arial,Helvetica,sans-serif;">Product Job Opportunities

__**<span style="font-family: Arial,Helvetica,sans-serif;">Experience is the Product **__ <span style="font-family: Arial,Helvetica,sans-serif;">it means that your experience that is assoccated with the product will determine how do you feelabout this product ,for example when you try a product during a happy situation, You will remeber this situation whenever you see this product.

__**<span style="font-family: Arial,Helvetica,sans-serif;">Meaning Gives Experience Value **__
 * <span style="font-family: Arial,Helvetica,sans-serif;">How Customer's Relate to products
 * <span style="font-family: Arial,Helvetica,sans-serif;">what is experience of the customer?
 * <span style="font-family: Arial,Helvetica,sans-serif;">what is the meaning?
 * <span style="font-family: Arial,Helvetica,sans-serif;">it means that your experience that is assoccated with the product will determine how do you feelabout this product ,for example when you try a product during a happy situation, You will remeber this situation whenever you see this product.

__**<span style="font-family: Arial,Helvetica,sans-serif;">Soliciting Stories **__ <span style="font-family: Arial,Helvetica,sans-serif;"> When gathering research from perspective consumers, the goal is to listen to what is being said and ask the right questions. The questions should be open-ended and allow the person to tell a story about an experience. If you are getting single word answers the wrong questions are being asked.

<span style="font-family: Arial,Helvetica,sans-serif;">Improving or updating new product is important to any organizations. There are simple steps described below: <span style="font-family: Arial,Helvetica,sans-serif;"> 1. Idea Generation : idea generation could come from different sources such as employees, competitors, supplier and customers. <span style="font-family: Arial,Helvetica,sans-serif;"> 2. Idea Screening : because you can't implement all ideas, you have to choose feasible and actionable idea to implement <span style="font-family: Arial,Helvetica,sans-serif;"> 3. Concept Development and Testing : once you come across your feasible idea, it needs to be taken to targeted market <span style="font-family: Arial,Helvetica,sans-serif;"> 4. Marketing Strategy and Development : How this idea will be launched in the real market? <span style="font-family: Arial,Helvetica,sans-serif;"> 5. Business Analysis : Will this product financially be worth while in a long run? <span style="font-family: Arial,Helvetica,sans-serif;"> 6. Product Development : make product prototype and see that what needs to be improved. <span style="font-family: Arial,Helvetica,sans-serif;"> 7. Market test : launch your product in specific area/region, in this stage marketing mix can be applied <span style="font-family: Arial,Helvetica,sans-serif;"> 8. Commercialize the product. <span style="font-family: Arial,Helvetica,sans-serif;">(Source : learnmarketing,net) <span style="font-family: Arial,Helvetica,sans-serif;">One potential reason for their dissatisfaction from developing new product is the disconnection between their organization’s new product development (NPD) and strategy development processes. Without this connection, product development pipelines become stuffed with incremental extensions of existing product lines but void of breakthrough concepts. There are some questions to ask your company that: <span style="font-family: Arial,Helvetica,sans-serif;"> - It is easy for your employees to justify the strategic alignment of your new product concepts? <span style="font-family: Arial,Helvetica,sans-serif;"> - Does your organization consistently fail to provide adequate funding for longer-term opportunities? <span style="font-family: Arial,Helvetica,sans-serif;"> - Does your organization reject many ideas because they are too risky? <span style="font-family: Arial,Helvetica,sans-serif;"> If manager couldn't answer these questions clearly, the process probably be broken! <span style="font-family: Arial,Helvetica,sans-serif;"> so, how do you fix the broken linkage between your new product pipeline and strategy? <span style="font-family: Arial,Helvetica,sans-serif;"> 1: Make sure your strategy is discriminating and informed by actionable opportunities. <span style="font-family: Arial,Helvetica,sans-serif;"> 2: Start from the future and understand what success looks like. From there, it’s possible to envision a logical roadmap to reach the end-state from the current starting point. <span style="font-family: Arial,Helvetica,sans-serif;"> 3: Build a roadmap that will incorporate a thorough review of the key capability and knowledge gaps for reaching the desired end-state. With this information, early opportunities then can be structured to overcome these gaps as well as fit into the total portfolio of products/services for getting to the end-state. <span style="font-family: Arial,Helvetica,sans-serif;">(Source: American Management Association)
 * __<span style="font-family: Arial,Helvetica,sans-serif;">Design Thinking __**
 * <span style="font-family: Arial,Helvetica,sans-serif;">New Product Development (NPD) process
 * <span style="font-family: Arial,Helvetica,sans-serif;">Linking company's new product development to strategy

__**<span style="font-family: Arial,Helvetica,sans-serif;"> The Knowledge Funnel **__ <span style="font-family: Arial,Helvetica,sans-serif;"> Mystery: an observation of an interesting (i.e., it might uncover a value proposition if understood) phenomenon <span style="font-family: Arial,Helvetica,sans-serif;"> Heuristic: an incomplete but actionable understanding of what was a mystery <span style="font-family: Arial,Helvetica,sans-serif;"> Algorithms: an explicit, step-by-step procedure. Algorithms take unregimented heuristics (usually requiring thought and skill) and simplify, structure and codify them so anyone can perform them with equal efficiency.

<span style="font-family: Arial,Helvetica,sans-serif;"> Exploration: when the challenge is to seize an emerging radically new opportunity, you must perform like a freewheeling design team. <span style="font-family: Arial,Helvetica,sans-serif;"> Exploitation: when a business has honed its heuristic knowledge into an algorithm costs fall, efficiency increases and scale can increase: ERP, CRM, Six Sigma & TQM. Without algorithms a business can not make enough money to invent the future. however, such businesses often see the maintenance of the status-quo as the goal, losing the ability to resign and reinvent themselves in the face of radical change.