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Week 6 - Product Specification

The document provides an overview of key concepts for developing and launching innovative products and services, including understanding customer psychology and developing creative marketing strategies. It discusses developing a high-level product specification by creating a visual representation of the product. Next, it addresses identifying the next 10 potential customers beyond the initial persona and considering how to respond to negative feedback. The document then discusses defining the core of the business to distinguish it from competitors and charting the competitive position by mapping how well the business fulfills customer priorities versus alternatives. The goal is to position the business as better satisfying customer needs than existing options.

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Mei Ying
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66 views

Week 6 - Product Specification

The document provides an overview of key concepts for developing and launching innovative products and services, including understanding customer psychology and developing creative marketing strategies. It discusses developing a high-level product specification by creating a visual representation of the product. Next, it addresses identifying the next 10 potential customers beyond the initial persona and considering how to respond to negative feedback. The document then discusses defining the core of the business to distinguish it from competitors and charting the competitive position by mapping how well the business fulfills customer priorities versus alternatives. The goal is to position the business as better satisfying customer needs than existing options.

Uploaded by

Mei Ying
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Business Creation and

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

• How they will use what you want to sell them

• Even though the actual details of the product are still unclear

• We are starting with the customer then working backwards; not


creating a product then trying to fit it to the customer needs.
High-Level Product Specification
• A High-Level Product Specification is, at its core, a drawing.
• Visual representation of what your product will be when it is finally
developed based.
• If the product is software or a website, storyboards should be made
showing the user’s logical flow from one screen to another
Then create a brochure
Today – guess your task?
That’s right!
• Draw your product specification.

• Specific, labelled, detailed.

• 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

Next ten customers


• One potential danger of focusing solely on your Persona is
that you could build your business to be too specific, focused
only on the Persona without the ability to sell to other
customers.
• Ideally you would then interview these real-life
10 next customers (primary research) and
present your data and use cases.
• If your persona and end user profile is
inaccurate, change it.
What to do with negative feedback?
• Getting negative results will happen and how the entrepreneurial
team responds to them will be a fundamental factor to the team’s
success
• See negative results as valuable feedback that teaches you about what
to do
• While some businesses went ahead based on negative feedback and
succeeded (e.g. Apple!) for the vast majority this won’t work.
• You need to be customer-centered – don’t give up if the feedback is
bad, but instead evolve your profiles, models and products based on
this.
Define Your Core
The purpose of defining your core…
Explain why your business can provide customers with
a solution that other businesses cannot nearly as well.
Now you will start looking to the future by determining what
about your business makes you special, what your “secret
sauce” is.
Potential ‘cores’
• Network Effect: If this is your Core, you become the standard
by achieving so much fame in the marketplace that it does
not make sense for potential customers to use another
product. Example: Google
Potential ‘cores’
Customer Service: By establishing processes and culture that focus on
excelling at customer service, this potential core allows you to retain
customers at a very high rate as compared to competitors.

Can you think of any businesses with customer


service at their ‘core’?
• Lowest Cost: Another Core you may pursue is to develop the skills,
relationships, processes, volumes, financial overhead, and culture to
outcompete anyone else in the market on cost and become the long-
term low-cost player

• 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).

• Can you think of any businesses with UX at their ‘core’?

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 Core is your business’s last defense against the


competition.
Defining the Core is the first step where you spend
a lot of time looking internally, in contrast to the
strong customer focus of many of the other steps.

The Core is what you have that your competitors do


not, that you will protect over time above all else,
and that you continually work over time to develop
and enhance.
What is your core? Work it out!
Next: Chart
your
competitive
position
• In the Competitive Positioning Chart, you show visually how well you fulfill your
Persona’s top two priorities versus how well your competition does so.

• 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.

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