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Identifying The Opportunity I: Social, Economic, and Technology Factors and Product Opportunity Gaps. Robert Monroe January 25, 2012. Goals - By The End Of Class Today, You Should:.
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Identifying The Opportunity I:Social, Economic, and Technology Factorsand Product Opportunity Gaps Robert Monroe January 25, 2012
Goals - By The End Of Class Today, You Should: • Be able to use the SET factor analysis to identify, evaluate, and understand how broad Social, Economic, and Technology changes can create Product Opportunity Gaps • Understand the 10 clues to opportunity proposed by Donald Sull, and be able to recognize when they might be appropriate to apply in your search for new market opportunities • Have practiced using these techniques
Phase 1: Identify The Opportunity Identify Understand Conceptualize Realize Launch* • Goals: • Identify and evaluate a set of promising Product Opportunity Gap (POG’s) • Choose the most appropriate POG to move forward with • Primary results: • Product opportunity statement (hypothesis) • Initial scenario that illustrates the opportunity • Methods • Brainstorming, observing, researching Social, Economic, and Technology (SET) factors • Generating POGs based on SET factors • Evaluating and filtering POG ideas generated • Scenario generation, feedback, and refinement Source: Cagan and Vogel, Creating Breakthrough Products, Chapter 5.
SET Factors Product Opportunity Gap Source: [CV02] page 9
SET Factor Exercise • Divide into three groups (one S, one E, one T) • Work as a group to come up with a list of at least 20 broad forces / changes / trends for your assigned factor (S, E, or T) that affect personal transportation in some way • Identify trends that are applicable to: • Qatar • The GCC countries • Across the MENA region • Throughout the world • Write them down and be prepared to present them for discussion using the whiteboards around the room.
SET Factor Discussion • Do you see some common themes emerging? • Which of these SET factors are mostly the same throughout the GCC nations? Throughout MENA? Globally? • Which of these SET factors vary considerably throughout the GCC nations? Throughout MENA? Globally? • Which of these should Honda be looking at carefully? • How should you decide the answer to this question?
Product Opportunity Gaps (POG’s) • The next step is to identify Product Opportunity Gaps, or POGs based on your SET factor analysis. • A Product Opportunity Gap is the gap between what is currently on the market and the possibility for new, or significantly improved, products that result from emerging trends. • Source: [CV02] page xxxi (glossary)
Examples of Product Opportunity Gaps • A vegetable peeler that is easily used by people suffering from arthritis in their hands • A light source that can be pointed and held focused on a specific point in cramped or difficult locations without requiring the use of the person’s hands to hold it • A financial instrument that allows young people to move out of their families homes to live on their own before they are married • Training tools and materials that help working adults without deep technical expertise develop skills with fast-changing information technologies
Donald Sull’s ‘10 Clues to Opportunity’ • This product should already exist, but it doesn’t Example: Kate Spade handbags • This customer experience doesn’t have to be time consuming, arduous, expensive, or annoying, but it is Examples: Netflix, Quicken, Schwab brokeage • This resource could be worth something but it is still priced too low Examples: Google’s search data, LinkedIn network Source:[Sull11]
Donald Sull’s ‘10 Clues to Opportunity’ • This discovery must be good for something, but it’s not (yet) clear what that is Example: ArthroCare’s move to orthopedics • This product or service should be everywhere, but it isn’t Examples: McDonalds, Starbucks • Customers have adopted our produce or service to new uses, but not with our support Examples: Haier clothes / vegetable washing machines • Customers shouldn’t want this product, but they do Examples: Honda 50cc motorcycles Source:[Sull11]
Donald Sull’s ‘10 Clues to Opportunity’ • Customers have discovered a product, but not the one that we offer Example: Glucosamine ‘joint juice’ • This product or service is thriving elsewhere, but nobody offers it here Example: Storage units in Europe, • That product or service shouldn’t make much money, but it does Example: Goldman Sachs discovering investment management fees Source:[Sull11]
POG Exercise • Continue working in the groups you put together for SET exercise • Based on the SET factors identified (by all three groups), where should Honda be looking for gaps to fill with innovative new products or services? • Are they doing so currently? • If not, why not? • Come up with a list of at least 20 POGs that your group thinks that Honda should be exploring • Be prepared to share your top 5 POGs with the class
So What Conclusions Can We Draw? • Take a few minutes to think about what conclusions you can draw from all of the examples and exercises discussed in class today. • Write down two conclusions / observations that you are willing to share with the class
References [CE09] Robert G. Cooper and Scott J. Edgett, Successful Product Innovation, Product Development Institute, Inc., 2009. ISBN: 978-1-4392-4918-5. [CV02] Jonathan Cagan and Craig M. Vogel, Creating Breakthrough Products, Prentice Hall, 2002, ISBN: 0-13-969694-6. [Sull11] Donald Sull, 10 Clues to Opportunity, Booz&Co'sstrategy+businessjournal http://www.strategy-business.com/article/11304