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Innovation Workout

Innovation Workout

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Innovation Workout

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  1. Innovation Workout Redesign a successful product or service Redifferentiate in the market

  2. The Tool:Attribute Segmentation • State your challenge. • Analyze the challenge and list as many attributes as you can. • Take each attribute, one at a time, and try thinking of ways to change or improve it. Ask "How else can this be accom­plished?" and "Why does this have to be this way?" • Strive to make your thinking both fluent and flexible.

  3. Ways of Describing Attributes • Common descriptive attributes are: substance, structure, color, shape, texture, sound, taste, odor, space, and density. • Common process attributes are: marketing, manufacturing, selling, function, and time. • Common social attributes are: responsibilities, politics, and taboos. • Common price attributes are: cost to manufacturer, wholesaler, retailer, and consumer. • Common ecological attributes are: positive or negative impact on the environment. • For example: • The attributes of a pencil might be listed as: used for writing, yellow, lead, eraser, sharp, hexagonal, has printing on it, and is cylindrical

  4. The Workout • Pick a specific consumer product of your choosing Think through: It’s function The process of using it The objective it is supposed to achieve The Complementary products that are needed for the marketability of this product Make a list of its main attributes Segment each of these into two or more attributes, and think about potential uses and objectives of the segmented attributes

  5. The Workout • ‘Invent’ two new consumer products • By reassembling your new attributes into a new product • Detail on your presentation • How they look • What customer market would buy each invention, and why • How you would expect to commercialize the product • How each innovation will become profitable

  6. Factors to Consider • Commercialization as well as innovation • Complementarity and Imitability (especially regarding profitability) • What kind of Competences your firm must have or acquire to succeed

  7. Definition: ‘Innovation’ • An ‘Innovation’ is: • Invention + Commercialization • Freeman, The Economics of Industrial Innovation • A new way of doing things that is commercialized • Porter • The new knowledge in an innovation can be either • Technological, or • Market related

  8. Complementarity & Imitability • Most economically significant modern products have little value by themselves • They require complementary products from many firms to be of value • Petroleum has little use without internal combustion engines • Or Cars without Roads (US Road costs are around $5-10 per gallon of gasoline) • Or Electricity without Electric Motors • Or iPods without MP3s • … you get the idea • What are your ‘Killer Apps’? • The complements that sell your product

  9. CompetencesTypes of Knowledge • Four kinds of knowledge underpin an innovation; two are • Technological • Market • Architectural • Component • Incumbents Fail when they Fail to “Get” one or the other type of Knowledge

  10. Markets and CompetencesCompetences are knowledge assets • Innovations, to be successful, must align with the competences and assets of the firm • The consequences of misalignment are poor production and channel efficiency; and the prospect of rivals outcompeting you.