Summary of Doing It Right : Winning with New Products

Topics: Project management, Management, Innovation Pages: 2 (559 words) Published: February 27, 2011
This paper examines the two ways to win at product innovation: doing projects right and doing the right projects. Dr. Cooper explores the critical success factors that make the difference between winning and losing at innovation. He outlines key success components of the authentic Stage-Gate system and the four goals of successful portfolio management. Increasingly innovation which leads to new products has become a major chunk of profits for companies. This can be due to globalization and changing marketing scenario.The companies that fail to innovate have huge consequences Not only does the product fail, but the market value also comes down due to its effect on stock. There are some critical factors that differentiate winners form losers.The key factors in delivering a successful new product is to differentiate your product from other products which will satisfy the needs and wants of the customer and provide them with superior quality product. Lack of time spent on doing market research vis a vis spent on its development.Being able to use the customers inputs not just for validation but also integrate them as designers. This will help in the buy-in from the customers. Market planning is an integral part of new product process. It should be planned early, and not done as an after thought and ability to have regular check points to monitor if the project is going on the right track . This helps in ensuring that resources are expended judiciously Project teams play a huge role . One commonly cause for a badly done project is the team structure. The recommended structures are : Project matrix, balanced matrix and project team Probability of success of a product can be increased by leveraging the companies core products.Approaching the product development in a global manner. Appeal not just to domestic , but also to global customers.Last but not the least , support from management , not just in terms of resources but also a part of its long term plan. Stage gate...
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