Essential Tools for Operations Management: Tools, Models and Approaches for Managers and Consultants by Burtonshaw-Gunn Simon A

Author:Burtonshaw-Gunn, Simon A....
Language: eng
Format: epub
Published: 2014-05-21T23:37:12.913000+00:00

The above list of continuous improvement was drawn up for larger organizational development rather than for a range of products; however, it is clear that the lessons from this are equally applicable to existing product development.

NEW PRODUCT DEVELOPMENT

Introducing a new product to the market is seldom easy; it is often time and resource consuming, especially as it will need some level of legal protection to prevent direct copying by competitors and the route through the patents application process will often require specialist help. Trade-offs made to deliver one level of value cannot deliver another, therefore the organization’s value chain is different and its competitor’s business model is often not easy to replicate. From research it is said that for every 5000 raw ideas 500 are actually progressed and 50 feasibility studies are undertaken. Indeed, from these the organization may be fortunate to find five products to launch and in the main only one of these will be successful. As such, in the words of 3M’s Art Fry, inventor of the Post-It note:

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