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Global Innovation Management Toolbox Workout #3

Global Innovation Management Toolbox Workout #3. GOAL Assess the potential of an innovation METHOD Quiz Consumption chain analysis Feature mapping of an innovation. Your industry: Pharmaceutical innovation . Background

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Global Innovation Management Toolbox Workout #3

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  1. Global Innovation Management Toolbox Workout #3

  2. GOAL Assess the potential of an innovation METHOD Quiz Consumption chain analysis Feature mapping of an innovation

  3. Your industry:Pharmaceutical innovation Background • The Blockbuster drugs ($1 billion or more in annual sales) of the past 15 years have all been ‘lifestyle’ drugs: • Mood adjusters (Prozac) • Performance enhancers (Viagra) • Recreational (MDMA, a.k.a. Ecstasy)

  4. Your task (1) • Design (i.e., identify the major features of) a new blockbuster drug • Identify the target customer for the company’s product (age, income, medical history, and other demographics) • Explain how you will differentiate your innovation from competitors’ in the customer’s minds?

  5. Your task (2) Use the following methods: • Quiz your teammates • Use a Mind Map to find the main feature sets of a hypothetical blockbuster drug • Construct your consumer’s (a.k.a. teammates’) consumption chain • Identify the discriminators and energizers • Create a feature-attribute map for the significant steps of the consumption chain

  6. Quick revision session:Quizzing (1) • Quizzing is a detailed look at target customer usage and decision making regarding your product • It uses a series of questions to look at: • The customer’s stream of consciousness • Ideas to change the customer’s experience (i.e., redifferentiate your product) • Remember: Experience is dynamic, and therefore so are the questions used in quizzing • They should change and develop over a time period beginning prior to the first time a customer is exposed to the product, and ending well after the customer has stopped using it

  7. Quick revision session:Quizzing (2) Consider the following questions: • Whois with customers while they use the product? • How much influence do they have? • If we could arrange it, who would we want the customer to be with? • What do the customers experience when they use the product? • What else might customers have on their minds? • When do our customers use the product? • Where are our customers when they use the product? • How do customers learn to use the product? • What needs provoked our offering?

  8. Quick revision session:Mind mapping Mindmaps can be used to organise the answers you find from quizzing

  9. Quick revision session:Consumption chain analysis (1) Consumption chain analysis … • … is a complement to quizzing – and (perhaps) quizzing done from a different (more graphical) perspective • … works from the premise that opportunities for redifferentiation lurk at every step and decision that your customers take – from the time they first become aware of their need for your product or service to the time they finally dispose of the remnants of the used up product • … is time-sequential (rather than a ‘stream of consciousness’)

  10. Quick revision session: Consumption chain analysis (2)

  11. Quick revision session:Consumption chain analysis (3) • Determine the main steps in consumption • Each step on the consumption chain has an attribute map • You should only list the 3 or 4 most important steps • These will determine whether the potential customer proceeds to the next step (good) or leaves the consumption process (not good!)

  12. Quick revision session: Discriminators and energisers • Summarize your quizzing by the attributes of the innovation that are important to the customer • This provides a heuristic for ‘Functional Innovation’ (Eric von Hippel)

  13. Quick revision session:Feature-attribute mapping (1) • The attribute map compares your product to those of others • Every link in the consumption chain has its own attribute map • Prioritize and choose the major features of your innovation from the main branches of the Mind Map • Review the main innovation features with a feature-attribute map for the entire innovation

  14. Presentation • Prepare a presentation which includes the following: • Mind Map of feature sets for the drug • Consumption chain with 3-4 key steps identifying discriminators and energizers • Details of how you will manage each discriminator or energizer to encourage consumers to move to the next step of the consumption chain • Identification of existing substitutes for your new drug • Details of any other potential barriers to entry for the drug

  15. Top tip: The opportunity ‘register’ • Always keep an inventory of possible opportunities (an opportunity register) so that you are unlikely to run out of ideas for making the next competitive move or capturing the next prospect for growth Fields: • Business concept • Relevant trends • Key industry data • Obstacles and barriers • Company position • Competition and substitutes • Sources for your information • What type of opportunity is this? • Timing of proposed actions

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