MKTG6004 Lecture Notes - Lecture 3: Scope Creep

• School: University of Sydney
• Department: Marketing
• Course: MKTG6004
• Professor: Steven Lu

Document Summary

Modern trends in opportunity identification: just i(cid:374) ti(cid:373)e life: people like (cid:373)aki(cid:374)g spu(cid:396) of the (cid:373)o(cid:373)e(cid:374)t de(cid:272)isio(cid:374)s (cid:271)ased o(cid:374) (cid:396)eal-ti(cid:373)e i(cid:374)fo(cid:396)(cid:373)atio(cid:374) . Sensing consumers: people can sense their environment better now than ever before; what might be too much information for some might be essential informatio(cid:374) fo(cid:396) othe(cid:396)s the t(cid:396)a(cid:374)spa(cid:396)e(cid:374)t self: The(cid:396)e is (cid:373)o(cid:396)e i(cid:374)fo(cid:396)(cid:373)atio(cid:374) a(cid:271)out (cid:272)o(cid:374)su(cid:373)e(cid:396)s a(cid:448)aila(cid:271)le to p(cid:396)odu(cid:272)t (cid:373)a(cid:374)age(cid:396)s (cid:374)o(cid:449) tha(cid:374) e(cid:448)e(cid:396) (cid:271)efo(cid:396)e. The product innovation charter: document prepared by senior management designed to provide guidance to the strategic business units (sbus) on the role of innovation. To ensure its effectiveness it should be put in place early and senior management should stay involved. Why have a pic: there are a lot of different places to find opportunities for new products but without a strategy it is easy to lose focus and to spend time and resources chasing the wrong opportunities. It provides the direction the team should focus on (what markets, what technologies).