COMMERCE 2MA3 Lecture Notes - Lecture 8: Brainstorming, Sport Utility Vehicle, Reverse Innovation
11 Dec 2016
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I. e. company makes new tire to better suit customers is it market development, etc. Do(cid:374)(cid:859)t (cid:374)eed to (cid:373)e(cid:373)orize spe(cid:272)ifi(cid:272) (cid:374)u(cid:373)(cid:271)ers like % et(cid:272). 95% of newly launched products fail (some even less than 3 months on the shelf) -i. e. company has 5000 ideas only 5% get to commercialization. Pharmaceuticals: for every drug that comes in the market they have come with 5000 ideas and only one get through to commercialization. -need to have at least 1 blockbuster drugs a year (makes over 1 billion a year in sales) -takes min 7 years to get product from idea to commercialization. Marketing is highly involved in creating these ideas to increase the success rate getting ideas to commercialization. Most innovative companies have places where employees can submit good/new ideas. Need processes to get ideas ready before they become obsolete. Kids started going online instead of playing with toys i. e. legos. Lego started creating online games for kids i. e. on the wii, xbox.
