MKT523 Innovation and New Product Development - Chapter 2 Flashcards

Flashcards based on lecture notes for MKT523, covering culture, people, and team roles in innovation and new product development.

Culture of Innovation

Embracing change, open communication, risk-taking, and a growth mindset.

Fostering Innovation Strategies

Implement idea-sharing platforms, facilitate cross-functional collaboration, provide support and resources, and celebrate success while learning from failures.

Fostering Accountability Strategies

Set SMART goals, conduct regular check-ins and provide feedback, define clear role expectations, and lead by example.

Responsibilities of Research and Development (R&D) in Product Planning

Conducting market research, developing prototypes, testing product prototypes, and iterating on product designs.

Responsibilities of Marketing in Product Planning

Conducting market analysis, developing marketing strategies, creating promotional materials, and collaborating with sales teams.

Responsibilities of Sales in Product Planning

Providing input on customer needs, developing sales forecasts, identifying potential distribution channels, and providing feedback on pricing strategies.

Responsibilities of Operations and Manufacturing in Product Planning

Assessing the feasibility of production, developing manufacturing processes, sourcing materials, and ensuring quality control.

Responsibilities of Finance in Product Planning

Conducting financial analysis, estimating costs, providing input on pricing strategies, and allocating resources for new product development.

Responsibilities of Supply Chain Management in Product Planning

Managing the procurement and logistics of raw materials, optimizing inventory levels, establishing relationships with suppliers, and ensuring efficient delivery.

Responsibilities of Customer Service in Product Planning

Providing input on customer needs, offering support during launch, and addressing customer inquiries and complaints.

Responsibilities of Legal and Regulatory Affairs in Product Planning

Ensuring compliance with regulatory requirements, reviewing contracts and intellectual property rights, and mitigating legal risks.

Key Components of a Successful Product Planning Team

Team members with diverse skills, clear roles and responsibilities, and effective communication.

Organizational Culture

Values, norms, and guiding beliefs shared by members of an organization.

Elements of Interdepartmental Integration

Meetings, documented information exchange, increased information flows, collaboration, collective goals, and enhanced teamwork.

How to Foster Interdepartmental Integration

Co-location, personnel movement, formal processes, informal social systems, incentives, and organizational structure.

Team Leader (Project Manager)

Responsible for organizing, directing, monitoring, and motivating team members.

Inventor

The original source of the product concept or idea.

Champion

Promotes the team project and substantiates its importance.

Sponsor

An upper-level manager who is supportive of the team project and assists in providing resources.

Rationalist

Attempts to ground the team with a sense of reality by questioning team decisions.