Improve Your Ability to Develop Successful New Products and Services
Develop new products and services to gain share with Core customer segments. What do you add to your current package of products and services and in what order? This activity answers these questions. First, it corrects problems that cause your current customers to reduce their purchases from you. These are the easiest changes you can make. It proceeds to develop potential innovations that might reduce the costs that customers incur with your product over the life of the product. It checks whether each innovation is difficult or easy to copy because it must be unique in order to increase your market share. Finally, this activity sets priorities for your potential innovations.
The activity that develops new products and services covers Steps 13 through 18 of the Basic Strategy Guide. Step 17 includes the use of several thousand product and service innovation concepts and examples.
Step 17: Develop a program for new products and services and confirm their value for customers.
Step 18: Modify the Company's product and service innovation program to reflect the value to the company and the practicality of each innovation.
To access these steps, go to Basic Strategy Guide on the Navigation Bar.