Question 1: Using examples for precise illustration, explain how BMW has planned innovation and new product development to manage its technology life cycle, i.e., product life cycle.
BMW is one of the high-tech companies that successfully use customer-friendly and coupled with an approach to innovation management (Stanleigh, n.d.). This innovative culture is what determines BMW to be an effective firm. Company’s management states that all departments of their business are equally oriented on innovations in their area, however at the same time the company does not loose its main orientation. This innovative approach can be viewed in new vehicle models, which are more adapted to the urbanized world, more comfortable design and eco friendlier technologies used, etc. Hereby, BMW’s life cycle management is based on analyzing both innovative tendencies in their niche, and overall changes in the economic, political, social and cultural aspects.
Question 2: Name and explain the CONSENSUS 5 most important elements of the article entitled, “Want New Products That Get Noticed? Change The Process”.
High technology market is now rapid developing. Therefore, effective marketing strategy must be based on innovations and creativity, as well as on a solid and careful marketing research (Mohr, Sengupta, & Slater, 2010, p. 66). In the article Want New Products That Get Noticed? Change The Process five most important elements of the effective marketing strategy are enlisted. They are as follows: (1) develping new products and brand platforms; (2) recruiting highly effective and well educated marketers; (3) sustain “balanced approach” to the innovative process; (4) investigate and monitor new tendencies in the market; (5) focus on one main idea (Curewitz, 2007).
Question 3: In what ways are the chief lessons of the article, “Honest Innovation,” relevant to the author’s assertions and recommendations in the article entitled, “Effective Gating”.
Both authors arise the question about the problem of over generating new ideas, which exhausts company’s resources and leads to the marketing dishonesty. Definitely, low-value products once released bring more negative conequences for the business rather than positive. Nevertheless, more than two-thirds of all firms suffer from not killing the ideas at their earliest stages (Cooper, 2009, p.13). Furthermore, too many ideas realized a pushed to be consumed thus resulting in a marketing dishonesty, where unnecessary things are promoted as if they were extremely important (Hodock, 2009, pp. 18-19). Hence both authors came to the same conclusion that innovative process must be based on a solid marketing research, and ideas created must be sorted and properly chosen before adoption.
Question 4: Identify and explain what you argue are the top 5 executive management recommendations by A.G. Lafley (P&G) for sustaining a culture of innovation and new product development.
Lafley states that being successful in the innovative market includes not only generating one new idea, but rather an ability to offer something new all the time. His innovative ideas increased P&G’s commercial success from 15 to 50 percent (Lafley, 2008). Thereby, an effective management should use the following recommendations: (1) convert new ideas into new offers, so that to be one step ahead from the closest rivals; (2) establish strong relationships with the society; (3) not to be afraid to use ideas of every employee; (4) involve people from outside the company, as they know other markets better; (5) “open-innovation” helpls in creating a strong and effective team;
Question 5: Identify and explain your top 5 recommendations for partnerships, alliances, and customer relationships (Chapter 5) to avoid the outcomes of “The Model 1100 Trial Disaster at the University of Colorado Health Sciences Center” as detailed in the Module 4 “Perspective.”
In the high-tech industries competitive advantage lies in the intangible resources (such as know-how, expertise, and intellectual property) (Mohr, Sengupta, & Slater, 2010, p. 142). Developing The Model 1100 Trial Disaster in the University of Colorado Health Sciences Center definitel fals under the definiteo of the high-tech production. Hereby, the following five advices are to be implemented so that to avoid any further failures in the Colorado Center: (1) communication lines must be well developed, as they are the base of the information widespread; (2) sharing and borrowing the international experiences through cooperation with foreign partners and assistants; (3) time-to-market is limited thus high-tech companies need to have well developed partnerships and alliances which will sustain the business with distribution channels; (4) some resources or technology steps are to be found outside the company, which is why autsourcing and partnership is a better solution than 100% end-to-end production; (5) well designed and secured communication network (i.e. using Internet, skype calls etc.) is a key for fast and effective information sharing and ideas generating (Mohr, Sengupta, & Slater, 2010, p. 143).
Question 6: Identify and explain your top 5 recommendations for marketing research (Chapter 6) to avoid the outcomes of “The Model 1100 Trial Disaster at the University of Colorado Health Sciences Center” as detailed in the Module 4 “Perspective.”
As it was mentioned by the IDEO founder, Mr. Kelley, one of their keys to success is being empathetic to the clients (“How to design breakthrough inventions”, 2013). Basically, in the modern world of unlimited customers’ needs, understanding people’s pains and needs is a guideline for the company to become a successful innovator. Therefore, an effective marketing research must be based on the following: (1) focus on the niche you are interested in and investigate main tendencies in it; (2) discover customer’s needs; (3) generate and borrow as many ideas as possible, but adopt only the best one; (4) test the prototype; (5) gather feedback before and after releasing the product; (Mohr, Sengupta, & Slater, 2010, pp. 189-192).
References
Mohr, J., Sengupta, S., and Slater, S. (2010) Marketing of High-Technology Products and Innovations. 3rd ed. Upper Saddle River, NJ: Pearson Education, Inc. ISBN-13: 978-0-13-604996-8
Curewitz, B. (2007) Want New Products That Get Noticed? Change The Process. Available at: http://adage.com/article/cmo-strategy/products-noticed-change-process/120727/
Cooper, R.G. (2009) Effective Gating: Make product innovation more productive by using gates with teeth. Reference paper #37. Stage-Gate International and Product Development Institute Inc. Available at:http://www.stage-gate.net/downloads/wp/wp_37.pdf
Hodock, C.L. (2009) Honest Innovation. Available at: https://archive.ama.org/archive/ResourceLibrary/MarketingManagement/Pages/2009/18/2/Honest_Innovation.aspx
How to design breakthrough inventions (2013) CBS News. Video. Available at: https://www.youtube.com/watch?v=_9TIspgTbLM
Stanleigh, M. (n.d.) Innovation: A Strategic HR Imperative. Available at: https://bia.ca/innovation-a-strategic-hr-imperative/
Lafley, A.G. (2008) P&G’s Innovation Culture. Available at: http://www.strategy-business.com/article/08304?gko=b5105
