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- Smooth execution of even a well-planned project requires careful attention. Three problems of project execution are particularly important: 1. What mechanisms can be used to coordinate tasks? 2. How can project status be assessed? and 3. What actions can the team take to correct for undesirable deviations from the project plan? - Smooth execution of even a well-planned project requires careful attention. Three problems of project execution are particularly important: 1. What mechanisms can be used to coordinate tasks? 2. How can project status be assessed? and 3. What actions can the team take to correct for undesirable deviations from the project plan?
- ## Topic 3: Opportunity Identification - ## Topic 3: Opportunity Identification
id:: 648594af-3833-4991-a4c2-2e9c8430a122 id:: 648594af-3833-4991-a4c2-2e9c8430a122
collapsed:: true
- Opportunity, definition and types - Opportunity, definition and types
- Definition: - Definition: #flashcard
- an idea for a new product - an idea for a new product
- It is a product description in an embryonic form - It is a product description in an embryonic form
- a newly sensed need, - a newly sensed need,
- a newly discovered technology, - a newly discovered technology,
- a rough match between a need and a possible solution - a rough match between a need and a possible solution
- It can be thought of as a hypothesis about how value might be created - It can be thought of as a hypothesis about how value might be created
- Type - Type #flashcard
- Ansoff’s growth matrix - Ansoff’s growth matrix
![image.png](../assets/image_1686473366617_0.png) ![image.png](../assets/image_1686473366617_0.png)
- Market penetration - Market penetration #flashcard
logseq.order-list-type:: number logseq.order-list-type:: number
- **Opportunities** can exist within a business’s existing - **Opportunities** can exist within a business’s existing
markets through increasing the volume of sales markets through increasing the volume of sales
of existing products of existing products
- market development - market development #flashcard
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- **Opportunities** are said to exist for a business’s - **Opportunities** are said to exist for a business’s
products through making them available to new products through making them available to new
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geographical markets geographical markets
- e.g. selling your existing products to a new age - e.g. selling your existing products to a new age
group of customers group of customers
- product development - product development #flashcard
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- **Opportunities**: offering new or improved products to - **Opportunities**: offering new or improved products to
logseq.order-list-type:: number logseq.order-list-type:: number
existing markets existing markets
- diversification - diversification #flashcard
logseq.order-list-type:: number logseq.order-list-type:: number
- **Opportunities**: Moving into new markets, potentially with a base - **Opportunities**: Moving into new markets, potentially with a base
logseq.order-list-type:: number logseq.order-list-type:: number
from your existing product knowledge or from your existing product knowledge or
diversification through acquisition of other diversification through acquisition of other
companies companies
- Risk - Risk #flashcard
- The element of risk _increases the further the strategy moves away from known quantities_ the existing product and the existing market - The element of risk _increases the further the strategy moves away from known quantities_ the existing product and the existing market
- **Product development** (requiring, in effect, a new product) and market extension (a new market) involve a greater risk than market penetration - **Product development** (requiring, in effect, a new product) and market extension (a new market) involve a greater risk than market penetration
- **Diversification** (both new products and new markets) generally carries the greatest risk of all - **Diversification** (both new products and new markets) generally carries the greatest risk of all
- Opportunity identification process - Opportunity identification process
- Establish **a charter** - Establish **a charter**
- A **charter** articulates **the goals of the organisation** - A **charter** :-> articulates **the goals of the organisation**
(in relation to NPD) and establishes the **boundary (in relation to NPD) and establishes the **boundary
conditions for an innovation effort.** Charters can be conditions for an innovation effort.** Charters can be
termed as mission statement for a new product. termed as mission statement for a new product.