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Management (20)
33:620:301 (19)
Xi Wang (11)

Management Topic 8 Notes.docx

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Rutgers University
Xi Wang

Management Topic 8 Notes 11/15/13 Managing Innovation a) Frog - global design firm, designed things likeApple Macintosh and Sony Trinitron TV; create products with aesthetic appeal that evokes an emotional response in customer - Three E’s of frog company: Evolving, Expanding, Envision - Founded by Hartmut Esslinger - Uses multidisciplinary teams - The frog process: discover, design, deliver b) Objectives of the new product development process 1) Maximizing the product’s fit with customer requirements - Must offer more compelling features, greater quality, or more attractive pricing than competitors - Many firms fail at this because they may not have a good idea of what customers want, or may overestimate customer’s willingness to pay, or may fail to make a product that appeals to anyone 2) Minimizing the development cycle time - Bringing products to the market early makes it likely to have an installed based and availability of complementary goods advantage over later offerings - Development cycle time: time elapsed from project initiation to product launch, usually measured in months or years 3) Controlling development costs - Development efforts must be efficient as well as effective c) Sequential versus partly parallel development processes - Sequential system goes step by step - Sequential system has no early warning system to indicate that planned features are not manufacturable - The partly parallel development process in which some or all of the development activities at least partially overlap; ex activity B might commence before activityAis done. Product design initiated before concept development is complete - In some cases parallel development design can increase risks or costs of the development process, ex if variations in product design require significant changes to the process design, beginning process design before product design is finalized can result in costly rework of the production process d) Project champions - Suggestion that firms should assign or encourage a senior member of the company to champion a new product development project - Advantages to championing: senior executives have power and authority to support and fight for a new project, and also can stimulate communication and cooperation between different functional groups involved in the process - Risks of championing: may cloud true judgment of value of the project, may not want to give up on project that is a dud e) Involving customers and suppliers in the development process - Including customer helps development efforts on projects that better fit customer needs - Can involve customers by using beta testing - Lead users: those who face the same needs of the general marketplace but face them months or years earlier than the bulk of the market, and expect to benefit significantly from a solution to those needs - Involving suppliers: By tapping into knowledge base of its suppliers, a firm expands its information resources - Crowdsourcing: a distributed problem-solving model whereby a design problem or production task is presented to a group of people who voluntarily con
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