A summary from the book 'Art and Visual Perception'
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CHAPTER 5: THE RIGHT PRODUCT FOR THE RIGHT MARKET
5.1 NEW PRODUCT DEVELOPMENT The CREATIVE MIND, TECHNICAL MIND, and BUSINESS MIND are three minds that come together in the entrerene!ria" entrerene!ria" mind that con#erge and s!ccess$!" ne% rod!cts are emanated& Ho%e#er' it is imossi("e to )nd the three minds in one entrerene!r entrerene!r (!t it is (e"ie#ed that entrerene!rs entrerene!rs are the orchestrators or the organi*ers o$ the three minds&
THE ENTREPRENEURIAL MIND The creative mi! is the seed o$ o $ entrerene!rshi& entrerene!rshi& It is the a(i"it+ to see things di,erent"+& -hether it.s %ith ne% rod!cts or ne% rocesses' entrerene!rs entrerene!rs are dri#en (+ the !ncann+ /nac/ to see ho"es in the mar/et"ace mar/et"ace and de#ise inno#ations to )"" them& Tho!gh it0s not the on"+ essentia" 1!a"it+ to s!ccess' creati#it+ ma+ (e the $o!ndationa" menta" s/i""& Entrerene!rs Entrerene!rs as/ the 2%hat i$s3 that dri#e in1!isiti#eness' and the+0re a("e to "et go o$ %hat the+ a"read+ /no% to so!rce $resh in$ormation and ne% %a+s o$ thin/ing a(o!t a ro("em& The creati#e mind concet!a"i*es concet!a"i*es and designs a !ni1!e rod!ct' rod!ces a rod!ct that is "easing to see' to!ch' sme""' hear' and taste and most imortant"+' it rod!ces a rod!ct that creates emotiona" attachment (et%een the entrerene!r entrerene!r and its cons!mers& The tec"ica# mi! is the techno"og+ originator' technica" adator' and techno"og+ renderer renderer&& As an originator' it dri#es the entrerene!r entrerene!r to con#ert ne% /no%"edge' ideas' and ercetions into something high"+ $!nctiona" and oerationa" %hich is ro)ta("e& In #ario!s )e"ds o$ h!man endea#or' the entrerene!r entrerene!r !ses his or her o"d and ne% /no%"edges $or ne% a"ications in rod!cts and ser#ices& 4ast"+' the entrerene!r con)g!res con)g!res and recon)g!res the technica" design o$ the ne% rod!ct to ma/e a ne% rod!ct %or/ $or the rod!ct creator& The $%&ie&& mi! harness the otentia"s o$ ne% rod!cts' organi*es organi*es s!cient $orces and reso!rces' and manages e6terna" e6terna" and interna" en#ironment& en#ironment& A com$ort %ith e6erimentation e6erimentation goes (e+ond ed!cated tria" and error& The a(i"it+ to e6eriment %ith rod!cts' rocesses and o!tcomes' no matter %here the res!"ts ma+ "ead' is the /e+ e"ement o$ this 1!a"it+& It0s dic!"t to $!""+ areciate ho% m!ch o$ %hat %e ca"" 2e6erimenta"3 is act!a""+ 1!ite redicta("e& Most eo"e are com$orta("e testing ne% rod!cts or s+stems %ith a range o$ one or t%o ossi("e o!tcomes& -hen the res!"ts $a"" nice"+ %ithin the range' %e mo#e on to the ne6t ste& 7!t $or entrerene!rs entrerene!rs %ho are (ringing something ne% and no#e" to the mar/et"ace' e6erimentation can (e tr!"+8e6erimenta"& Remo#ing
e6ectations and "etting the res!"ts "ead +o! in com"ete"+ ne% directions is the attri(!te that mar/s a tr!"+ entrerene!ria" entrerene!ria" mind&
PRODUCT CONCEPTUALI'A CONCE PTUALI'ATION TION AND A ND THE CREATIVE CREATIVE MIND In concet!a"i*ing a rod!ct' the creati#e mind o$ an entrerene!r is needed& -ith the !se o$ the entrerene!r0s entrerene!r0s creati#it+' rod!ct concet!a"i*ation has its stes& s tes& First' First' Identi$+ C!stomer 9eeds (eca!se one o$ the entrerene!r0s core #a"!es in#o"#es "ong term re"ationshis %ith their c!stomers' that can (ring #a"!a("e he" to this hase o$ the roect de#e"oment& The+ ha#e "earned o#er the +ears that identi$+ing their c"ient.s c!stomer needs is not necessari"+ the same as: -hat %e thin/ the c!stomer needs' %hat the c!stomer thin/s the+ need' %hat %e are a("e to ma/e' and %hat ne% techno"ogies !s engineers %ant to !se& A$ter that' ;et initia" seci)cations' Identi$+ ris/s and ma o!t ris/ red!ction "ans' Ana"+*e cometiti#e rod!cts& Identi$+ /e+ techno"ogies techno"ogies a#ai"a("e to so"#e the ro("ems and red!ce the ris/s& Other than that' in rod!ct concet!a"i*ation %ith creati#it+' creati#it+' %e sho!"d a"so a "so consider the trend' demand and a,orda(i"it+ o$ the rod!ct&
PRODUCT DEVELOPMENT AND THE TECHNICAL MIND The technica" mind m!st inter#ene inter#ene to ro#ide ro#ide the 1!a"it+ and er$ormance seci)cations thro!gh techno"og+ in order to con#ert the rod!ct concet into a #ia("e rod!ct& In rod!ct de#e"oment' the creation o$ rod!cts %ith ne% or di,erent characteristics that o,er ne% or additiona" (ene)ts to the c!stomer is cha""enging& It ma+ in#o"#e modi)cations o$ an e6isting rod!ct or its resentation' or $orm!"ation $o rm!"ation o$ an entire"+ ne% rod!ct that satis)es a ne%"+ de)ned c!stomer %ant or mar/et niche& Prod!ct technica" design or Prod!ct de#e"oment integrates the res!"ts o$ the $easi(i"it+ ana"+ses and $eed(ac/ $rom (eta tests $rom stage )#e into the rod!ct& This stage consists o$ t!rning t! rning that rotot+e or concet into a %or/a("e mar/et mar/et o,ering< ironing o!t the technica"ities o$ the rod!ct< and a"erting and organi*ing the deartments in#o"#ed %ith the rod!ct "a!nch' s!ch as research research and de#e"oment' )nance' mar/eting' rod!ction or oerations&
PRODUCT LAUNCH AND THE BUSINESS MIND
A rod!ct "a!nch is a critica" time $or an ear"+ stage coman+& The s!ccess o$ the ne6t rod!ct "a!nch co!"d determine +o!r coman+0s s!r#i#a"& -hat are the /e+s /e+s to a s!ccess$!" "a!nch= Ho% can can the+ (e a"ied to +o!r (!siness= Those are a re the 1!estions that occ!ies an entrerene!r0s mind& The rod!ct m!st (e made sho>read+ $or commercia" !roses to (e s!ccess$!"& From From the rotot+e stage to the rod!ction hase and' )na""+' to its !"timate destination' the mar/et"ace' the (!siness mind is the one in charge& A Prod!ct Prod!ct 4a!nch is a rocess rocess that has a "i$ec+c"e& "i$ec+c"e& Thin/ing o$ a rod!ct "a!nch as a rocess ma+ change +o!r entire ersecti#e ersecti#e a(o!t "a!nching rod!cts& Man+ eo"e thin/ o$ a rod!ct "a!nch as an e#ent' something that haens %ith a (ig (ang& There ma+ #er+ %e"" (e a "a!nch e#ent as art o$ a "a!nch rocess' (!t it ma+ (e !st one o$ the things that are art o$ a %inning "a!nch& Moreo#er' the !rose o$ a Prod!ct Prod!ct 4a!nch is to (!i"d sa"es moment!m& ;o %h+ ta/e the time to "an and e6ec!te a rod!ct "a!nch= It0s to (!i"d sa"es moment!m& ;a"es moment!m ena("es +o!r coman+ to gro% and roser& ?o! %i"" add more c!stomers' e6and +o!r in@!ence' hire more eo"e and gro% e#en more moment!m&
THE NEW IMPROVED PRODUCT 9e% range o$ rod!cts and enhancements as the entrerene!r0s entrerene!r0s inno#ati#e and assionate team de#e"os them& Entrerene!rs are assionate a(o!t "a!nching ne% rod!cts that are in the (est interests o$ its cons!mers !dated reg!"ar"+& In (!siness (!siness and and engineering engineering'' ne% rod!ct de#e"oment 9PDB is the com"ete rocess o$ (ringing a ne% rod!ct rod!ct to to mar/et& 9e% rod!ct de#e"oment is descri(ed in the "iterat!re as the trans$ormation o$ a mar/et oort!nit+ into a rod!ct a#ai"a("e $or sa"e and it can (e tangi("e something h+sica" that can (e to!chB or intangi("e ser#ice' e6erience' e6erience' or (e"ie$B& A good !nderstanding o$ c!stomer needs and %ants' the cometiti#e en#ironment and the nat!re o$ the mar/et reresent the to re1!ired $actors $or the s!ccess o$ a ne% rod!ct& Cost' time and 1!a"it+ are the main #aria("es that dri#e the c!stomer needs& Aimed at these three #aria("es' comanies de#e"o contin!o!s ractices and strategies to (etter satis$+ the c!stomer re1!irements and increase their mar/et share (+ a reg!"ar de#e"oment o$ ne% rod!cts& There are man+ !ncertainties and cha""enges thro!gho!t the rocess %hich comanies m!st $ace& The !se o$ (est ractices and the e"imination o$ (arrier (a rriers s to comm!nication are the main concerns $or the management o$ 9e% Prod!ct De#e"oment rocess& rocess&