Now you need to add those ideas generated from your Brainstorming session to your Product Roadmap. We suggest the following process:-
1) The first key step is to match the New Product Ideas to the Technology Roadmap. If the Idea does not match up to the Technology available then the capability to bring it to market will be extremely limited and the cost of developing the appropriate technology will have to be taken into consideration.
2) The Business Case should be thoroughly reviewed in terms of potential Market, Unit Cost, Selling Price, Volume, Resources etc
3) Products generating the greatest IRR (Internal Rate of Return) should be given priority.
4) Only when the above process has been followed and New Product Ideas meet the required Company criteria should the New Product Development commence.
By pursuing a New Product Development process which follows a defined Product Roadmapping process you will ensure that New Product Developments are resourced effectively and time to market is minimized which brings maximum returns.
Henry Ford once commented that if he’d asked his customers what they wanted they would have replied “Give me a faster horse”.
The Mac TV was released in 1993 and was Apple’s first attempt to integrate the functionality of a P.C with a cable ready T.V. Unforthunately it’s slow bus speed of 16 MHz made for a slow P.C compared to it’s rivals and a very expensive T.V at over $2000. Needless to say it flopped and only 10k were produced.
Apple’s first attempt at a portable computer was the Macintosh portable. Released in 1989 it was way ahead of its time, and so it should have been at a whopping $6500. It weighed in at a hefty 7.2kg and had an active matrix LCD screen which was fantastic but the major contributor to its cost.
In 1995 Apple licensed its PIPPIN technology to Bandai to make a PC based game consol. The only problem was the competition, SEGA, SONY, Nintendo and PC based systems were already dominating the market. Only 42,000 PIPPIN units sold and it was withdrawn from the market.
is vital to maintain a companies revenue growth. All products have a similar lifecycle which ends with declining revenue although the timescale between introduction and extinction may be anywhere between a few weeks to decades.
I was recently asked “how do you deal with negative customer feedback ?”
This is one of the most common questions in the world of 
Innovation is the name of the game; especially in the competitive world of consumer electronics. The only way to remain competitive is to continue to produce new, relevant products which the customer wants.
Don’t fear failure…..
Friday, June 11th, 2010This fear of failure is stifling and killing our ability to innovate. Thankfully many individuals overcome this conditioning and realize that failure paves the road to success. The secret is to NEVER GIVE UP. To fail is perfectly natural and through failure we improve and succeed.
Any product innovation will fail many times but with an attitude of continuous improvement you will eventually succeed with a product which exceeds all expectations.
For inspiration about new product development success and persistence in the face of failure read the inspiring story of Charles Goodyear the pioneering inventor of vulcanized rubber.
Don’t fear failure – Strive for success.
chris@projectsguru.co.uk
www.projectsguru.co.uk
Tags: #pmot, business, Innovation, New Product Development, NPD, project management, social commentary
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