Question

In Phase 2, your team will work together to develop a detailed description and implementation plan for the innovation you selected to pursue in Module 3. Each team member must research and describe a product development or management process, methodology, or model that could be utilized to implement the innovation. The group should select and use one of these models for developing its own implementation plan.

Answer 1

Most of the product development includes steps such as -

-          Describing and evaluating the actual process or ways

-          Recommendation for an ideal process

-          Outlining the development activities

-          Breaking down these development activities into smaller tasks

-          Should focus on customers need

-          Should be based on team work within the organization

There are various models which can be used for the implementation of the innovation, based on the various levels of usage and success for an organization such as – scorecard-markov model, Booz Allen and Hamilton model, the stage-gate model (phase gate model) etc.

The Stage-Gate model is one of the project management process which helps in funneling and segmenting the entire process of new product development. In this, once every stage is completed it goes through management approved gate before getting into the next level. This model is one of the cost saving model which filters out the bad ideas in the preliminary stage. It consists of eight stages such as –

-          Idea generation: SWOT analysis is performed, and product roadmap is outlined

-          Idea screening

-          Testing the concept

-          Analyzing the concept and formulating into a business case

-          Product development (along with the beta version of the product, focus on packaging etc.)

-          Test marketing

-    Launch of the product in the marketplace by commercializing and performing the market research, competitive analysis, having marketing strategy along with the trained sales team.