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    Chapter No # 03 Product Innovation Charter

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    abzuar
    The document discusses the importance of strategic planning for new products through developing a Product Innovation Charter (PIC). The PIC acts as a mission statement for new product development teams and includes sections on background, focus/arena, goals/objectives, and specific guidelines. The background explains why the strategy was developed. The focus/arena defines the areas of technology or market drivers. The goals/objectives set profit, growth, and market status targets. The specific guidelines provide rules on the desired degree of innovation and project timing. Developing a PIC involves continuously identifying opportunities, evaluating and ranking them, and then filling out the standard PIC form.

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    Chapter No # 03 Product Innovation Charter

    Uploaded by

    abzuar
    47 views11 pages
    The document discusses the importance of strategic planning for new products through developing a Product Innovation Charter (PIC). The PIC acts as a mission statement for new product development teams and includes sections on background, focus/arena, goals/objectives, and specific guidelines. The background explains why the strategy was developed. The focus/arena defines the areas of technology or market drivers. The goals/objectives set profit, growth, and market status targets. The specific guidelines provide rules on the desired degree of innovation and project timing. Developing a PIC involves continuously identifying opportunities, evaluating and ranking them, and then filling out the standard PIC form.

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    how we develop of new product

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    Chapter No # 03 product innovation charter

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    The document discusses the importance of strategic planning for new products through developing a Product Innovation Charter (PIC). The PIC acts as a mission statement for new product development teams and includes sections on background, focus/arena, goals/objectives, and specific guidelines. The background explains why the strategy was developed. The focus/arena defines the areas of technology or market drivers. The goals/objectives set profit, growth, and market status targets. The specific guidelines provide rules on the desired degree of innovation and project timing. Developing a PIC involves continuously identifying opportunities, evaluating and ranking them, and then filling out the standard PIC form.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    47 views11 pages

    Chapter No # 03 Product Innovation Charter

    Uploaded by

    abzuar
    The document discusses the importance of strategic planning for new products through developing a Product Innovation Charter (PIC). The PIC acts as a mission statement for new product development teams and includes sections on background, focus/arena, goals/objectives, and specific guidelines. The background explains why the strategy was developed. The focus/arena defines the areas of technology or market drivers. The goals/objectives set profit, growth, and market status targets. The specific guidelines provide rules on the desired degree of innovation and project timing. Developing a PIC involves continuously identifying opportunities, evaluating and ranking them, and then filling out the standard PIC form.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 11

    Chapter No # 03

    Opportunity Identification and


    Selection: Strategic Planning for New
    Products
    Why Have Strategic Planning
    Team guidance just as corporate or strategic business units (SBUs)
    guidance, comes partly in the form of strategy.
    A Strategy for a “company within a company”
    The group of people who lead the development of a new product act as a
    company within a company. They are led by a group leader, a team
    manager, or a project manager. For these people, a new product strategy
    does several things. It charts the group’s direction. Where it must go,
    and where it must not go. It also tells the group its goals and objective
    and provides some rules of the road.
    Product Innovation Charter
    All the inputs from the corporate mission and platform planning are
    potentially used in the development of a company’s new product
    strategy. We advocate a special name for this strategy: The product
    innovation charter (PIC). The PIC can be thought of as a kind of mission
    statement, but applied at a more micro level within the firm and adapted
    to new product activities.
    PIC should be in writing and given to all participants.
    Product Innovation Charter
    Contents of a Product Innovation Charter

     Background
     Focus
     Goals/Objectives
     Guidelines
    Product Innovation Charter
    Background Section of the PIC
    This section of PIC answers the question: Why did we develop this
    strategy? Purpose of the project, a recap of the situational analysis.
    Product Innovation Charter
    The Arena (Area of Focus) Section of the PIC
    Core competencies provide an excellent place to start the search for
    charter arena definition. Focus is generally achieved by four types of
    strength or leverage capabilities: technology, product experience,
    customer franchise, and end user experience.
    Firms have realized that the best option is the balanced or dual-driven
    strategy.
    Technology Drivers
    Market Drivers
    Product Innovation Charter
    Goals and Objective Section of the PIC
    Anyone working on product innovation ought to know the purpose
    because work can change in so many ways if the purpose changes. The
    PIC uses the standard definition that goals are long-range, general
    direction of movement, whereas objectives are short-term, specific
    measures of accomplishment.
    Both goals and objectives are of three types:
     Profit
     Growth
     Market Status
    Product Innovation Charter
    Specific Guidelines Section of the PIC
    This section provides the guidelines and rules of the road. They may be
    managerially imposed, or consensus thinking developed by team
    members. Research shows what firms put into this section:
    • Degree of innovation
    • Timing
    Product Innovation Charter
    Specific Guidelines Section of the PIC
    • Degree of innovation
    The extent of innovation management wants from a particular group.
     First-to-market
     Adaptive product
     Imitation
    Product Innovation Charter
    Specific Guidelines Section of the PIC
    • Timing
    This category of guidelines has four options:
     First
     Quick Second
     Slower
     Late
    Product Innovation Charter
    How to Prepare a Product Innovation Charter
    The process of developing a PIC lies in its contents:
    First, we are always looking for opportunities, inside the firm or outside
    it.
    Second, we have to evaluate, rate, and rank them.
    Third, we simply begin filling out the PIC form – focus, goals, and
    guidelines.

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