Carnegie Mellon Qatar ©2006 - 2011 Robert T. Monroe Course 70-446 Product Opportunity Gaps Robert Monroe Innovative Product Development January 20, 2011

Carnegie Mellon Qatar ©2006 - 2011 Robert T. Monroe Course 70-446

Product Opportunity Gaps

Robert Monroe

Innovative Product Development

January 20, 2011


By The End Of Class Today, You Should:

• Be able to use the SET factor model to identify and understand opportunities created by Product Opportunity Gaps (POGs)

• Be able to articulate a Product Opportunity Gap with a concise statement that identifies who the target market/consumer is and what the gap is between consumers’ needs and offerings on the market, without specifying how you plan to fill that gap.


Phase 1: Identify The Opportunity

Source: Cagan and Vogel, Creating Breakthrough Products, [CV02] Chapter 5.

Launch* Realize Conceptualize UnderstandIdentify


SET Factors and Product Opportunity Gaps


Social, Economic, and Technology (SET) Factors


SET Factors

ProductOpportunity

Gap

Source: [CV02] page 9


SET Factor Exercise


SET Factor Discussion

• Do you see some common themes emerging?

• Which of these SET factors are mostly the same throughout the GCC nations? Throughout the Arab League nations?

• Which of these SET factors vary considerably throughout the GCC nations? Throughout the Arab League nations?


Product Opportunity Gaps (POG’s)

• The next step is to identify Product Opportunity Gaps, or POGs based on your SET factor analysis.

• A Product Opportunity Gap is the gap between what is currently on the market and the possibility for new, or significantly improved, products that result from emerging trends.– Source: [CV02] page xxxi (glossary)


Examples of Product Opportunity Gaps


POG Exercise

• Form groups of 3-4 people

• Pick one of the following industries:– Fashion, personal transportation (on land), restaurants, international shipping,

real estate, financial services

• Based on the SET factors identified, where should the leading companies in that industry be looking for gaps to fill with innovative new products or services? – Are they doing so currently?– If not, why not?

• Come up with a list of at least 20 POGs for this industry that your group thinks that companies in this industry should be exploring

• Be prepared to share the top 5 POGs with the class


Wrap Up


References

[CV02] Jonathan Cagan and Craig M. Vogel, Creating Breakthrough Products, Prentice Hall, 2002, ISBN: 0-13-969694-6.

[SSD09] David Silverstein, Philip Samuel, Neil DeCarlo, The Innovator’s Toolkit, John Wiley and Sons, 2009, ISBN: 978-0-470-34535-1.

Documents

Carnegie Mellon Qatar ©2006 - 2011 Robert T. Monroe Course 70-446 Product Opportunity Gaps Robert Monroe Innovative Product Development January 20, 2011