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Lecture 4

GMS 401 Lecture 4: GMS401 - Class 4 Lecture Notes


Department
Global Management Studies
Course Code
GMS 401
Professor
Wally Whistance- Smith
Lecture
4

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Isaiah Ferris Winter 2017
GMS401 Class 4 Lecture Notes
Good money to be had in making products
Statistics say that 3% of all patents granted become commercially successful products
o Few items that are granted patents become commercially successful
Everyone has at least one good idea
o The reason why is that you will not choose success over that one item is because people are
scared to run with it
o The failure to execute is overthinking
Have to move forward with the idea
o Only way to start something is to figure out something
Two ways of coming up with ideas
o Usability
Multifunctionalism focuses on the usage of things
o Convenience
Leveraging technology and talking to people are great ways to coming up with new ideas
A patent gives you the right to defend your intellectual property in the court of law
Concept of leverage
o Allows product lines to expand
o Allows more ideas to flow
We patent what we believe will be commercially viable
o If we don't patent it, we will probably sell product via royalties
Product Decision
o The objective of the product decision is to develop and implement a product strategy that
meets the demands of the marketplace with a competitive advantage
o The good or service the organization provides society
o Top organizations typically focus on core products
o Customers buy satisfaction, not just a physical good or particular service
o Fundamental to an organization's strategy with implications throughout the operations
function
Statistically, about 80-85% of the things we use today weren't available 15-20 years ago
o This is due to technology
Bandwagon effect
o A psychological phenomenon in which people do something primarily because other people
are doing it, regardless of their own beliefs, which they may ignore or override.
Theory of acquisition
o Theory of us acquiring something even though we don't necessarily want it
Product development
o A process to generate concepts, designs, and plans for services and goods that an
organization can provide to its customer.
Product/Service design
o Product/service design directly affects:
Product/service quality
Production/delivery cost
Customer satisfaction
o If you have low cash and assets
Start up a service-oriented business
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Isaiah Ferris Winter 2017
o Quality is impacted by the design
We can put quality into something or we can choose not to
Price impacts quality
Product/Service Design and Development
o Sources of Product Innovation
o Developing New Products/Services
o Getting Them to Market Faster
o Improving Current Products/Services
o Designing for Ease of Production
o Designing for Quality
o Designing and Developing New Services
How do we come up with ideas?
o Innovation can lead to new ideas and things
Smartphones
Phone covers
Apps
Headphones
Screen covers
Lennon's Law
o First money always gets the greatest rewards
o Relates to the manufacturing processes
If you are not first, then you better be better
Example
o 1970's
Cars were built with open engines
Was built for ease of servicing
o Today
Engines are covered
Don't have space to work with
Built for manufacturing
Sources of Product/Service Innovation
o Customers
o Managers
o Marketing
o Operations
o Engineering
o Research and Development (R&D)
Basic research
Applied research
Product and Service Design
o Major factors in strategy
Cost
Quality
Time-to-market
Customer satisfaction
Competitive advantage
o Two are always present, the third one is always the difficult part
Revolves around the triangle
find more resources at oneclass.com
find more resources at oneclass.com
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