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Lecture 4

Schulich MGMT 1000 Notes Week 4.docx

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MGMT 1000
Jean Adams

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MGMT 1000 Notes Week 4 Engaging Customers: Products and Services and the Importance of Quality DyKnow Notes • Key Lessons: o New product development (NPD) o product lifecycle o cost-quality curve o quality mindset vs. quality programs(i.e. the affect a product change has from the perspective of various stakeholders) o case: perfection or bust o generating new value and maintaining customer support. • IBM “Live” case study – the importance of collaboration, o eating your own dog food – using their own technology o Guest Speaker, Alistair Rennie, General Manager IBM Collaboration Solutions o IBM lotus Live: -it enables businesses to move at a faster pace and dedicate more time and effort to important things, rather than the redundant (Alistair said this) o gives a business huge competitive advantage b/c the time it takes to set-up meeting and so forth can be done in that moment o IBM Workers definition of Social Business: o Social Business is the world of possibility that occurs when all of the energy and opportunities that have been generated around consumer-side models such as Facebook and Twitter are focused, and brought to bear on business challenges. enable sales forces, new ways to discover expertise, new ways to understand your organization’s culture, new ways to establish brand trust with your customers, and much more. Why are enterprises investing in social platforms? o want to capture and re-use knowledge o maintain human connections across a disparate workforce, potential customers, and potential partners o Particularly in North America, remote and mobile work is becoming the norm as two-thirds of the workforce works remotely at least occasionally o The pressure to modernize systems to meet new workforce demands. Highly empowered, tech-savvy individuals are entering the workforce, joining the 40 million Gen Yers already in the workplace Activity: 4.1Use the rules of one situation to reinvent another • many creative breakthroughs can be achieved by acting as if you were involved in a related, but different situation • often strangers have the best insights on problems because they take a fresh look • apply the rules that make one situation effective to another situation • ex. when reinventing hospitals, think about how 5 star hotels are designed; use those ideas to exceed the expectations of patients • summary of the technique: o select a problematic situation that needs change o get outside by selecting a very different situation which you can learn from o identify the rules and best practices in the new situation that make it superior o apply the rules to your problematic situation 4.2Developing new products and services • - “Creative reference points:a creative way to generate new product/service ideas is integrating key design principles from three of four completely different products and services outside your field o Example of Swatch, Swiss company famous for turning watches into fashion accessories • use creative reference points to find breakthroughs • summary of the technique: o select a problem and think of a creative reference point o identify the key design principles that you want to use or avoid in developing your new product/service o integrate the best ideas to create a unique product/service o ex. when designing a chain of senior’s residences (the problem), you consider the pros and cons of a fun fair (creative reference point) such as fun and excitement, lots of activities or crowds of people and laughing children (these are the key principles that you want to use or avoid). Use those pros and cons when thinking of ideas for your problem. 4.3Promote quality and continuous learning as core values • a commitment to quality and continuous improvement can reduce costs, increase profits, and help create corporate cultures where learning is a way of life Quality Revolution • the old logic was that if you wanted to increase the quality of a product, the costs of production would have to increase since quality is expensive and difficult to achieve • new logic suggests that when you focus on increasing the quality, you actually reduce the costs of production because poor quality is expensive • it’s a vicious loop: poor quality production systems -> low productivity -> lots of defects and waste materials -> annoyed customers -> few new customers -> business has to spend more on marketing because of the poor sales -> end result is low quality and poor profitability • to be effective, the pursuit of quality has to be a mindset, not just a technique; it also has to break bureaucratic boundaries • ex. pulling the cord at Toyota – every employee takes responsibility for improving the quality and effectiveness of actions. This philosophy is called kaizen. If any worker sees a problem on the production line they can “pull a cord” to stop the machines. Then, they all collaborate to fix the problems and improve the quality. • quality problems are systemic – the quality of a product depends not only on the work you do, but also the quality of the supplies, the quality of your equipment, etc. • Quality is fundamental: Dissatisfied customers drag down companies. solutions are also systemic; a mindset of quality should be present in all areas of your business because one faulty area can drag the whole thing down • “You can't achieve "quality" just by adopting the latest program or technique. There has to be something much deeper because quality knows no compromise.” Readings: 4.4New Product Development – tutor2u ult.html • The overall product failure rate is 60% • Failure-rates for house and grocery store products approach 80% • NPD is a process designed to develop, test, and consider the viability of products which are new to the market • develop new products to defeat/keep up with competition, maintain competitive advantage, bring in new customers, create cash cows for the future, etc. • can be completely innovative products, into an old market, an old product into a new market, or a new product into a new market • strategic stage: firm assesses current portfolio, opportunities, and threats; then they determine what type of product would fit in with their corporate strategy • stages: 1. idea generation (R&D, employees, customers, competitors, research) 2. idea screening (ideas checked for feasibility, financial viability, and marketability) checked against the firm's new-product goals and strategies 3. concept development and testing (testing with a group of consumers to see if the products have strong consumer appeal) 4. marketing strategy development (designing a formal stragy) 5. business analysis (a review of costs/sales/profit projections. estimate break even, etc.) 6. product development (developing a prototype; concerned with formal design, functional design, and economy of manufacture) 7. test marketing (launching product in regional or national basis) 8. commercialization (product launch), called roll out, from packaging in different languages to training service personnel • three ways to introduce new products 1. line extension (using existing brand name on products in the same category) 2. brand extension (using existing brand name on products in a new category but within the same broad market) 3. brand stretching (using an existing name on a product in a different market) • all products nee
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