Week 6 - Product Specification
Week 6 - Product Specification
Innovation
Week 6
Welcome
• Understanding contemporary issues pertaining to the development and
launch of innovative products and services
• Demonstrate understanding of customer psychology and its impact on
adoption and diffusion of innovation.
• Demonstrate knowledge and understanding of principles and techniques of
idea generation and the application of creative entrepreneurial knowledge,
evaluation of contemporary global developments in marketing innovations
based on sustainability and ethical aspects.
• Develop creative marketing strategies to launch and manage innovative new
product and services
• So far, you have tightly defined your customer, what they need
• Even though the actual details of the product are still unclear
• This will go into your final presentation and can be used in your final
assignment too.
Next step:
Identify your
next 10
customers
Aside from your persona
• Identify the next ten customers
• Can you think of any businesses with lowest cost at their ‘core’?
• User Experience: There are a multitude of new strategies that have
evolved into potential Core strengths and a common one now is user
experience (UX).
Hint: Apple
The key is that the Core be clearly defined, and your
founding team aligned so that the Core is what the
business will continually work to develop, and will
always put first when planning and executing any
strategy.
• The goal is to show that your Competitive Position both leverages your Core and
that your product satisfies your Persona’s priorities far better than existing or
logical future products.
• Often, your largest obstacle will be convincing customers to make a change from
their status quo
• When the Sony Walkman was
first created, there were few
comparable devices, but the
biggest competition for Sony
was selling to consumers who
did not listen to music on the
go.
• Defining your Competitive Position is a quick way to validate your
product against your competition, including the customer’s status
quo, based on the top two priorities of the Persona.