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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?
- ## Topic 3: Opportunity Identification
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- Opportunity, definition and types
- Definition:
- Definition: #flashcard
- an idea for a new product
- It is a product description in an embryonic form
- a newly sensed need,
- a newly discovered technology,
- a rough match between a need and a possible solution
- It can be thought of as a hypothesis about how value might be created
- Type
- Type #flashcard
- Ansoff’s growth matrix
![image.png](../assets/image_1686473366617_0.png)
- Market penetration
- Market penetration #flashcard
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- **Opportunities** can exist within a business’s existing
markets through increasing the volume of sales
of existing products
- market development
- market development #flashcard
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- **Opportunities** are said to exist for a business’s
products through making them available to new
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geographical markets
- e.g. selling your existing products to a new age
group of customers
- product development
- product development #flashcard
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- **Opportunities**: offering new or improved products to
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existing markets
- diversification
- diversification #flashcard
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- **Opportunities**: Moving into new markets, potentially with a base
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from your existing product knowledge or
diversification through acquisition of other
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
- **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
- Opportunity identification process
- 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
conditions for an innovation effort.** Charters can be
termed as mission statement for a new product.