This briefly examines the methods used by a new company to develop its first product. The company has been established from a team who worked in a business in the defence and aerospace industry, and their aim is to use their skills, knowledge and experience to develop low-cost solutions for consumers based on some of the principles they learned in their previous jobs.
The company’s core capabilities lie around the innovative use of distributed Wi-Fi transceivers combined with sensor systems. Such systems can be used to provide external security around an asset such as a car, caravan or boat. Because the system is rapidly deployable and can be broken down and re-used easily, it is suitable to temporary locations such as a car park, caravan park or marina. The use of analytical tools such as the concept statement, ATAR model, full screen, ideation testing and product protocol all point to a viable commercial opportunity. It is concluded however that due to the risk of replication by another company it is essential to get the product to market as soon as possible. At present, no direct competitors could be found on the internet.
Given the nature of the target audience, who are likely to be geographically diverse and part of relatively niche markets, it is decided that the best approach to marketing will be based on e-marketing, exploiting special interest groups using social media platforms such as Facebook. There is also an option of targeted marketing using special interest periodicals and the potential to write articles for such organs to raise the profile of the product and the company.
The process used is also shown to influence the shape of the product innovation charter and the organisational structure to optimise the potential for new product development, based on a project matrix approach.
Table of Contents
1. Introduction
2. Product Innovation Charter
3. Initial Evaluation of the Opportunity
4. Concept Statement
5. Full Screen
6. Profile Sheet
7. Product Protocol
8. Organisational Structure and Development Team
9. Product Use Test
10. Strategic Launch Plan
11. Conclusions
Objectives and Research Focus
This report documents the end-to-end development process for "SiteSecure," a low-cost, sensor-based security system, aiming to establish a viable business model for a newly formed startup within the niche market of mobile asset protection.
- Application of innovation frameworks to product development
- Evaluation of market opportunity and technical feasibility
- Strategic alignment through a Product Innovation Charter
- Organizational structure design for optimized project management
Extract from the Book
3. Initial Evaluation of the Opportunity
Traditionally, the generation of new product ideas was based on the concept of product ‘push’, in which marketers, engineers and designers came up with new ideas and attempted to generate consumer demand for a new product. This has no, at least in part, been replaced by the idea of outsourcing idea generation onto potential users, to inform the business of the need, requirements and features required for a new product. This typically results in designs that better meet the needs of users, but can score lower on feasibility (Poetz and Schreier, 2012). However, widening the inputs into the ideation process can allow developers to consider the options and identify approaches that are feasible and meet the user requirements within a framework that can be achieved by the business. It can also provide inputs from across the world and therefore ensure that products are developed for the global marketplace, rather than just one market (de Brentani and Kleinschmidt, 2015). In this case, an informal forum based on social media was used to solicit user needs based on a number of target communities. This provided a valuable insight into the key requirements. The company engineers then used their skills, knowledge and experience to produce an outline requirements specification that was subjected to evaluation based on the capabilities of the company, the available technologies and the target market price range. Gap analysis was used to determine whether existing products in the market already met these requirements within the target price range. While there were a few products that partially satisfied the requirements at a higher price range, none were found that fulfilled the identified needs within the target price range; for this reason, gap analysis was not performed as no directly competing products were found. The results of the ideation testing are shown in Table 3.1. This review allowed the product development to proceed to the next stage.
Summary of Chapters
1. Introduction: Presents the concept of the SiteSecure system, which integrates Wi-Fi transceivers and sensors for temporary or fixed security of valuable movable assets.
2. Product Innovation Charter: Outlines the strategic framework, defining company objectives, growth expectations, and the focus on niche consumer/business markets.
3. Initial Evaluation of the Opportunity: Describes the ideation process and the use of social media and gap analysis to validate market requirements and product feasibility.
4. Concept Statement: Details the core value proposition of SiteSecure and the application of the ATAR (Awareness, Trial, Availability, Repeat) model to forecast demand.
5. Full Screen: Documents the informal assessment of technical and commercial aspects to ensure alignment with the company's core capabilities.
6. Profile Sheet: Examines the product’s strategic fit, highlighting market potential and the importance of a holistic supply chain view.
7. Product Protocol: Defines the functional requirements, target price points, and regulatory considerations for the SiteSecure product.
8. Organisational Structure and Development Team: Discusses the project matrix approach adopted for the development team and the collaborative, venture-based structure.
9. Product Use Test: Explains the alpha, beta, and gamma testing phases conducted to refine the product’s functional and non-functional performance.
10. Strategic Launch Plan: Outlines the initial marketing approach, focusing on social media advertising and online order fulfillment.
11. Conclusions: Summarizes the feasibility of the SiteSecure project and addresses future challenges regarding manufacturing and international regulatory compliance.
Keywords
SiteSecure, Product Innovation, Wi-Fi Transceivers, Sensor Systems, Market Niche, ATAR Model, Product Development, Project Matrix, Consumer Electronics, Security Systems, Technology Integration, Innovation Management, Business Strategy, Rapid Deployment, Asset Protection.
Frequently Asked Questions
What is the primary goal of this publication?
The report examines the systematic development of the "SiteSecure" product, from the initial ideation phase to the strategic planning of its market launch.
What are the central themes discussed in this work?
Key themes include product innovation strategy, technical feasibility, organizational structuring for product development, and the application of analytical models like ATAR.
What is the core research question or objective?
The objective is to demonstrate how a small company can leverage existing Wi-Fi and sensor technologies to create a cost-effective security solution for niche markets.
Which scientific or analytical methods are utilized?
The author utilizes various frameworks, including the Product Innovation Charter (PIC), the ATAR model, gap analysis, and dimensional analysis, to evaluate commercial and technical risks.
What does the main body of the work cover?
The main body details the step-by-step development process, encompassing opportunity evaluation, concept definition, full-screen assessment, organizational structure, product use testing, and the final launch strategy.
Which keywords best characterize this work?
Essential keywords include product innovation, SiteSecure, sensor systems, project matrix, and market niche.
Why was the "project matrix" organizational structure chosen?
Based on the scoring analysis, the team determined that a project matrix structure provided the necessary autonomy and focus required for a successful initial product launch.
How does the author address the risk of product replication?
The report emphasizes the necessity of a fast entry to the market, as the technology is considered inimitable, to establish brand reputation before competitors emerge.
- Quote paper
- Ulkar Suleymanova (Author), 2015, New Product Development, Munich, GRIN Verlag, https://www.grin.com/document/346814
