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New Product Development Group: New Stage Gate Process. Prepared by: Karyn Liane Dobin April 19, 2003. “Houston…we have a problem”. We have no process Ok, we have one but it doesn’t work What would work?. Establish a Vision and a Mission Set Goals and Strategies Research - PowerPoint PPT Presentation
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New Product Development Group: New Stage Gate Process
Prepared by:Karyn Liane DobinApril 19, 2003
“Houston…we have a problem”
We have no process Ok, we have one but it doesn’t work What would work?
Overview of Discussion
Establish a Vision and a Mission Set Goals and Strategies Research Factors for defining NP Process Must haves for NP Performance Stage-Gate Process Next Steps
NPG Vision
To be the global market leader in developing new financial market data delivery platforms that meet and exceed our clients needs
NPG Mission
Determine where our new product development process has failed, what changes in the process need to made, and successfully implement those changes in order to fulfill our Vision
NPG GoalsRe-organize Product Marketing and Management team into a superior team that believes in the new processDetermine business lines for NPG focusDiscontinue distribution of product platforms that don’t meet revenue targetsCreate products that meet our clients needs and have real potential to meet our revenue targetsEnsure our data content provided is #1 or #2 in the marketAlways be ahead of our competition in utilizing new technology to deliver market data products to our clients
NPG StrategiesMeet with Executive team and ensure their full support in implementing a new process Define what businesses within the market data distribution industry we want to be inResearch those businesses, and ensure there is potential to make a profit that meets our revenue targetsConduct research to determine clients needs within those business linesDetermine what clients want to pay for those servicesDetermine if we can create products within our budget that will meet our clients needsDetermine if we can deliver product at a cost that would meet company profit targets
NPG Strategies
Basically, create a winning process from idea to launch
Factors for defining New Product Process
Understand our user needs Establish products strategic alignment with strategy of
Moneyline Telerate Complete a competitive analysis and establish product
superiority Create priority decision criteria list Risk assessment Product positioning Establish product channel and support Ensure product is endorsed by upper management Get total organizational support
Marketing Research Needed Earlier
Do a Product Failure StudyDo a Product Success StudyCompare the differences between the twoAdopt a systematic new product processDoing the projects right: define the road map from idea to launch and follow it, this way project teams will build in success factor by design, rather than by chanceDoing the right projects: just as important doing the projects right Need extensive and careful analysis of the market BEFORE taking on new products
New Process: Use Stage-Gate
Establish strategic direction
New Idea Generation
Does idea meet strategic direction?
Scope Idea
Specific Criteria Check
Stage 1Stage 1
Gate 2Gate 2 Stage 2Stage 2Stage 3Stage 3 Stage 4Stage 4Gate 4Gate 4Gate 3Gate 3
Gate 5Gate 5
Will clients buy?
Testing and
validation
Ready to go to testing?
DevelopmentIf we build it, will they come?
Build Business case
Launch
DiscoveryDiscovery
Stage 0Stage 0
Stage 5Stage 5
Post LaunchReview
Post LaunchReview
Gate 1Gate 1
Stage 0: Establish Company Strategic Direction
Get company strategic directionProduct failure and success studies, with comparison between the twoGet buy-in from for new process from executive team for new process, including commitment of staff and resourcesDetermine accountability
Stage 0
Stage 0
Discovery: New Idea Generation
Feeding from database of feedback from clients
wish list items Sales feedback Internal suggestions Marketing research
come up with ideas of innovative products
Discovery
Discovery
Gate 1: Does Idea Meet Strategic Direction?
Filter out ideas that don't meet strategic directionGate 1Gate 1
Stage 1: Scope Ideas that passed Gate 1
Do they meet the client need?Can they be built within established budget?Can we bring the product quickly to market?Do we know any competitors currently building similar product?Do we think clients will pay for this?How will this be a solution for clients to make money?Contact small group of close clients and ask them for their opinion
Stage 1Stage 1
Gate 2: Check against Specific Criteria?
Gather a team with accountable representation from development, operations, finance, legal, marketing, and sales, and determine if ideas feasibleWhat does each department need to move forward?Check id idea meets the specific criteria to move forward to building the business case
Gate 2Gate 2
Stage 2: Build Business Case
Do in-depth research and investigationCompetitive analysisSWOT analysisDetermine target marketSurvey marketPositioningPotential profit analysisCost and time frame to buildDefine team to buildDefine responsibilitiesDefine exact features of product, unique sales points
Stage 2Stage 2
Gate 3: If we build it, will they come?
Present business case from stage 2 to the team established in gate 2, and determine if based on information if we think if we build it, clients will buy it and we can meet our revenue goals.
Gate 3Gate 3
Stage 3: DevelopmentIn a parallel process develop:Product
Proto-type Working model Alpha
Operations processHelp desk support processMarketing materialsSales proceduresTest with small group of clients: Are USP importantSurvey clients
Stage 3Stage 3
Gate 4: Ready to go to testing?
Gather the established team, review the developed product, and determine if we feel the product is ready to move forward to the testing stage.Does the product meet the defined goals?Is it stable? Does the market still want this product?
Gate 4Gate 4
Gate 4: Testing and Validation of Entire Process
Marketing ProcessSales ProcessProcess to Deliver to clientsProduct functionalityHelp desk supportOperation supportSurvey clients on success/failure of processes, will they buy?Survey internal processes
Stage 4Stage 4
Gate 5: Will Clients Buy?
Gathering the team, determine if the testing phase was successfulAre we ready to launch?Do clients still want this product?Will they pay for the product?
Gate 5Gate 5
Stage 5: Product Launch
Stage 5
Stage 5
Post Launch ReviewEstablish metrics to determine success:
Where did we make mistakes?
Where did we go off the process?
What did we do right? How should we change
the process for next time?
Final business evaluation to determine if the client met the original goals of market share, profitability and client fit
Post LaunchReview
Post LaunchReview
Must haves for NP Performance
High Quality New Product Process: Steps, activities, and decision points that new products
follow from idea to launch to beyond
New Product Strategy: Set goals/objectives for business total new product effort The role of NP is clearly communicated to all Clearly defined areas for strategic focus NP effort has a long-term thrust and focus
Resource Commitment people and money are committed by upper
management
Next Steps
Get the buy-in from Executive managementPut Stage Gate process in placeDo the research!Build winning productsKeep revisiting the process, to make sure we are on track to meet vision