Improve Your Ability to Develop Successful 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 to copy because it must be unique in order to increase your market share. Finally, this activity sets priorities for your potential innovations.
Having diagnosed the customer's cost and the potential savings of product innovations in Steps 13 through 16 in the Basic Strategy Guide, Steps 17 and 18 develop and refine successful product innovations for these customers.
: Modify the Company's product and service innovation program to reflect the value to the company and the practicality of each innovation.