The first thing we need to get started is to master the entire knowledge system, and we recommend the following learning tools:
1. Deliberate practice: the core of the "focus, feedback". Read the red book over and over again, one of the gaps between a professional and an ordinary player is the amount of practice. At the same time, you need to be clear about the key points in the book and the elements that you need to improve, and then you need to work hard to improve them.
Make a plan to break down big goals into smaller ones. At the same time, the goals need to have sustainable feedback. Accurate and timely corrections. Feedback can be used "Feynman learning method".
2. Feynman learning method: summarize and repeat, when you can repeat to others to listen and others can understand what you say, that you have mastered.
3. Product management tools: such as mingmanage, project, storyboarding and other methods.
4. Read and summarize The Pyramid Principle: develop structured thinking. Zhang Xiaolong's "2019 WeChat Open Class": understand how to communicate with customers. Deliberate Practice Cognitive Nature
The knowledge system is structured into seven blocks: new product development, portfolio management, new product process, product lifecycle management, cultural organization and team, tools and performance metrics, and market research. They are both independent and interconnected. Next will introduce the core ideas and main content of each chapter:
1. New product development strategy
New product development strategy: for product development and product management carried out to provide the environment, goals and direction.
Strategy level: mission, corporate / business strategy, innovation strategy, functional strategy.
Key qualities of organizational identity: core, enduring, unique.
Business strategy: set of actions to deliver a unique piece of value. For most businesses, this unique value is derived from the products and/or services that the organization offers in a given market. Product development and product management are at the center of most business strategies.
Corporate strategy: The strategy of a diversified organization that analyzes "what business areas we compete in" and "how these business areas can be synergized to enhance the competitive advantage of the organization as a whole.
Porter's Law Framework:? Keywords-Cost leadership (price sensitivity, economies of scale, supply chain optimization), differentiation (uniqueness, quality, loyal user relationships, high performance and quality), segmentation (narrow, deep, unique needs).
Myers and Snow strategic framework: keywords- Explorer (risk taking, go-to-market, growth), Analyzer (follow fast, copycat, better performance), Defender (defend in a stable market) Responder (slow to react).
Ansoff matrix:
Continuous and disruptive innovations: disruptive innovations are generally business models, architectural innovations are generally technical models.
Technology forecasting: the process of gaining insight into the future to predict technology trends and their potential impact on the organization.
Types of intellectual property: patents (for a period of time prohibiting others from making, using or selling them)/copyrights/trademarks/plant variety rights/trade secrets
Marketing mix: product/location/promotion/pricing
Three levels of product: core benefits (core benefits or service/performance), tangible performance (quality, style, packaging), additional performance (installation , warranty, after-sales service)
Boston Matrix:
Open Innovation: Purposeful knowledge inflow and outflow accelerates internal innovation and utilizes external innovation to expand markets.
2. Portfolio Management
Five goals: maximize value, project balance (time, risk, resources), strategic synergy (priority, fit, contribution), pipeline balance (number of projects), financial soundness
Types of projects for portfolio management: breakthrough projects (new technologies, high-risk), platform projects (common architectures, sub-interfaces), derivative projects (bridging product line gaps), support projects (incremental improvements, efficiency gains)
Three main goals of strategic synergy: strategic fit, strategic contribution, strategic synergy
Selection of product opportunities: non-financial (pass/fail methodology, weighted scoring methodology) financial (NPV, IRR, ROI, payback)
Balanced portfolio : The opportunity to add a range of new products to a product portfolio in order to achieve a good balance of risk and return. The main application tool is the bubble chart.
Methods of resource allocation: based on the demand for project resources, based on the objectives of the new business?
Resource allocation roles: project manager - resource director - resource planning leader (monthly) - project planning leader (monthly meeting, quarterly scenario analysis)
3. new product process
Fuzzy front-end: the results of the product development process is based on a series of the right decision-making, the decision-making comes from knowledge, information and data. So the "front end" of the product development process is very important. The earliest idea generation stage of product development, the initial concept development stage and the advanced business stage.
Doorway management process: process (discovery, selection, development, testing and revision, go-to-market), phase (activities, comprehensive analysis, deliverables), gateway (deliverables, standards, outputs) strengths (guidelines, constraints, transparency, hardware) limitations (bureaucratic, rigid, high-cost, non-creative)
Integrated Product Development (IPD): Parallel engineering, replacing traditional Waterfall model (requires design implementation validation maintenance)
Lean product development: keywords (elimination of waste, chief engineer system, customer first)
Agile development: process" tools, software" documentation, collaboration" negotiation, response" planning. Principles (early, continuity, welcome change, frequent delivery, *** with work face-to-face communication, etc.)
Three major differences: Agile and gateway management (gateway management is complete, comprehensive, is a macro-process, cross-functional, focus on the gateway. Suitable for hardware), Agile and Lean (Agile emphasizes rapid response, small steps, constant iteration, responsive to change)
Product Innovation Charter (PIC): background (purpose, relationship between operations and innovation, scope, team roles, project constraints) Focus Stage (target market, key technologies and marketing methods, competitors' strengths and weaknesses) Purpose and Objectives (operational goals, related objectives) Special guidelines (reporting system, meeting system, outside agency involvement)
4. Culture, Organization, and Teams
Management roles in product development: (strategic aspects) the company's vision and mission are set by the executive team, along with the key functional heads; business strategy is set by the executive team of the business unit; functional strategy is set by the head of that function; product strategy is set by the senior product managers; and innovation strategy is developed by senior managers on cross-functional teams. (Process aspects) Process champions - responsible for process alignment, continuity and improvement; process owners - responsible for the results of the process; process managers - ensure that the process is organized; project managers - responsible for specific projects. (Team and organizational aspects): Top management establishes the culture; Functional Managers and individual Team/Project Managers drive the positive atmosphere; Senior Product Development Managers are responsible for team development. (Product side) Chief Product Officer - sets overall product strategy; monitors and manages product marketing and development; reports to CEO. SVP, Product Manager - leads a large team of product managers; works closely with key leaders in engineering, sales, manufacturing, and marketing functions to ensure that the products being developed are the right ones and contribute to the company's goals. Product Group Manager - responsible for providing guidance to the product team for a particular product group; responsible for executing the strategy set by senior management; responsible for the strategy, roadmap, and feature definition for a particular product or line of products; leads cross-functional teams and serves as a bridge between engineering, marketing, sales, and ancillary support functions.
Product and program management: product management is responsible for discovering and defining scope; program management is responsible for executing and delivering the scope; program managers are responsible for the program in phases, and product managers are responsible for the entire product lifecycle.
Definition of team: several people with the same goal and complementary capabilities, with *** the same goal and route, *** taking on the same responsibilities, working side by side. Including: creative product developers, entrepreneurs, project leaders, initiators, information processors, atmosphere makers.
Characteristics of a high-performance team: strategic alignment, engagement (sense of belonging, knowing that contributions are valuable), and empowerment.
Intelligent teams: projects are divided by function and coordinated by functional managers or senior executives, suitable for companies working on one project at a time or with very small clusters of projects.
Lightweight team: there is a project coordinator, no real power, responsible for overseeing the plan developed by others. No authority to change or reallocate resources. Involved in the project only on an "as needed" basis. Responsible for project plans, checklists, and monitoring progress. Has a liaison with each function.
Heavyweight teams: Projects are prioritized over functions, and the team leader has some influence over the performance of team members. But salaries, promotions and career development are with the functional manager. There are counterpart leaders for each function.
Autonomous teams: Also known as "tiger teams", they are fully accountable to their team members.
5. Tools and techniques
SCamper strategy: stimulate creative behavior (S alternative C merger A transformation M adjustment P change the use of E removal R reverse operation)
Brainstorming method:: 6-10 people, free play, do not judge.
Thinking Maps: network thinking, the center connects ideas
Storyboard: story development, shorthand
Brainstorming method: the same as the brainstorming, 15 minutes after the collection of discussion
Six Thinking Hats (white: facts, red: to express emotions, yellow: beneficial, black: shortcomings, green: creativity, other possible uses, blue: summary of the claim)
SWOT analysis
PESTLE analysis: political economic social techno-legal environment
Delphi: expert judgment, questionnaires, predicting future trends.
Divergent and Convergent Thinking: Divergent-Reject the most things, Convergent-Assume the right way to do things
Feasibility Analysis (Passing Criteria in Doorway Management): Technical, Economic (Market, Finance, Marketing, Manufacturing), Legal (Regulations, Intellectual Property)
Financial Analysis (The most core element in Feasibility Analysis)
Sales Forecasting : ATAR analysis (Awareness - Experimentation - Availability - Repeat Purchase), for the required new often need to be estimated. Problems 1. target users do not know or do not want to inform 2. the market is dynamic 3. reliable market research is expensive and inaccurate.
Determining costs:
| ? Fixed Costs-Total costs that do not vary in proportion to business activity.
| ? Variable costs - costs that vary proportionately with the business activity of the organization.
| ? Capital costs - the cost of purchasing land, buildings and equipment.
| ? Wage costs-all of the above
Selling price: market demand determines the selling price, and cost is the competitive advantage of a business.
Return on Investment (ROI): the ratio of return through investment to the cost of the investment, e.g., 4% for a balance sheet. The level of ROI required by a company or organization is called the "Minimum Expected Return" and is generally between 10% and 15%.
ROI metrics: payback period, NPV (∑(CI-CO)/(1+i)^t) NPV (income-expenses) PV (amount/(1+i)^t), IRR (discount rate when the NPV is 0, used to assess the attractiveness of a project or product investment). The purpose is the real rate of return and as a primary tool in portfolio management.
Product Concept and Design Specification: Product Concept - The development team and project members provide a clear and consistent description of the product, an important means of explaining the product to customers. Product Design Specification - clarifies the product design and provides a quantitative and objective representation. Product Concept Description - A directed representation.
Design Thinking: Identify (Discover, identify opportunities through customers. Define, y understand the customer needs related to the product) Solve (Create, develop a concept that can be ****enjoyed with the target market. Evaluate, feedback on the prototype and be able to do more iterations to improve the foundation)
Quality Feature Unfolding and Quality House: A structured approach to integrating market needs with development efforts using matrix analysis. Typically used for teams to express buy-in on the link between customer needs and detailed product features.
Building the Quality House: 1 Identify customer attributes 2 Identify design attributes 3 Connect customer attributes and design attributes 4 Evaluate against competitive products 5 Evaluate design attributes and development goals 6 Determine where to develop design attributes in the remainder. Strengths: Team approach is agreed upon, facilitates cross-functional discussions, focuses the product development team on customer needs, starts with customer needs, and the quality function is carried out to provide a structured foundation for product design specifications and engineering design requirements . Weaknesses: cumbersome, time-consuming, and its redundancy.
Design For Six Sigma (Design For Six Sigma): aims to reduce changes in business or manufacturing processes through improvements in various processes.DFSS goal is to accomplish efficient use of resources, high output, and robust design to process changes.DMAIC data-driven strategy for process improvement.
DMAIC can improve existing products and services to the best level achievable, but is still limited by design constraints, so the DFSS methodology was chosen for the design.
l? Define
l? Measure
l? Analyze
l? Improve
l? Control
The DFSS methodology (IDOV) is a methodology that improves existing products and services to the optimal level. The DMAIC method improves existing products and services to the best level possible and is a specific method for designing new products and services
l? Identity
l? Design
l? Optimize
l? Validate
Innovative Problem Solving: The TRIZ method is a logic- and data-based problem solving method that learns solutions over and over again. methodology, a repetitive paradigm for learning solutions.
Project management: initiation, planning, execution, monitoring, closing. The triple constraints are scope, cost, and schedule. The critical path is the longest path through the project process and the shortest time to realize the project.
Performance metrics: metrics are in line with the following conditions 1 closely related to the strategy 2 the basis for learning and continuous improvement Keys to success metrics: only metrics done poorly, understanding what can be done and what can not be done, metrics of the number of matters strong file, metrics and the company's objectives are consistent. The person in charge of deciding on metrics is present at the time of metrics and monitors immediate action. Metrics are often used in reporting sessions. They do not provide solutions. The meaning of metrics is - do the right thing and do the right thing.
6. Market research
Voice of the customer: the source of the idea, the purpose of market research.
| ? Define the problem
| ? Define the level of precision of the results
| ? Collect data
| ? Analyze and interpret
| ? Draw conclusions
| ? APPLICATIONS
Research on Submarkets: Submarkets are defined as data collected by others for research. Examples include government statistical reports, public publications, patents, online blogs or forums, and so on. Advantages are the short time and low cost of collecting information and the wide range of data sources. The disadvantages are that it lacks focus, its accuracy and reliability cannot be trusted, and it is outdated. It is suitable for scenarios where the information is not needed for high-risk or high-cost decisions.
Primary market research: initial research for data collection against existing targets. Divided into qualitative research (sensory, a leaf) quantitative research (data speak. Basis: margin of error / confidence range, confidence level, variance)
Sampling methods: random sampling, stratified sampling, whole group sampling
Focus groups: 8-12 people, qualitative market research methods. Facilitator-led discussion focuses on consumer issues, product issues, and solutions.
Customer site visit: quantitative market research method. Go to the customer site, observe how the customer utilizes the product and take notes. Highly dependent on "asking the right questions to the right people".
Ethnographic market research: Qualitative, descriptive market research that examines the customer + related environments to gain a deep understanding of lifestyle and cultural environments, and to gain insights into customer needs and issues. Divided into on-site and in-home research.
Social Media: social media opens a range of market communication and information gathering methods.
Questionnaires: customers vote to determine their satisfaction with existing products or to discover the need for new products.
Consumer panel: A group of consumers selected by a research company or organization to participate in testing and provide feedback. Both "trained" and "untrained" consumer groups are particularly well suited to participate in short-term rapid surveys.
Alpha, beta, and gamma tests: Used in the software industry and not strictly for quantitative analysis.
| ? Alpha testing: similar to usability testing, usually done by customers or outsiders.
| ? Beta testing: This is done by a subset of end-users before the product is delivered.
| ? Gamma testing: Skipping all internal testing activities and going straight to testing after the software that meets specific requirements has been prepared for release.
Pilot marketing: To see how consumers react to a product, the product is released to a limited area in a tightly controlled manner.
| ? Sales Wave Research: Offering a similar product to a group of customers who had received a product for free and recording the number of customers who continue to choose the product and their level of satisfaction
| ? Simulated marketing test: providing a small amount of money to test the effectiveness of a promotion.
| ? Controlled trial marketing: placing a new product under real market conditions.
| ? Test marketing: placing products in selected areas.
Multivariate Analysis and Multivariate Methods: Explore the relationship between an outcome variable and one or more predictor variables
l Factor Analysis: One reduces the number of variables, and two, identifies structural relationships between variables, and can be used to prioritize and group key variables
l Cluster Analysis
l Multi-dimensional Scale Analysis visualization tools, performs Similarity of a data across cases. Discovering flaws in a new product provides a reference
l Conjoint analysis: used to determine the extent to which people value the different attributes that make up a product or service
l Multiple regression analysis
Crowdsourcing: a set of tools for obtaining information by soliciting a large number of other people's solutions and applying it to a specific task or project.
7. New Product Life Cycle
The Process Toward Market: The new style path is an iterative process. Contains what (what), who who), where (where, how (how). Whereas the old-fashioned process is a linear process, making first and deciding how to sell.
The new process:
| ?what: what to sell? That is, the point of purchase. What are the advantages. Offer a total solution. A value proposition is a statement that conveys value.
| ?WHO sells to whom? A beachhead strategy: a leveraged approach to market capture, picking the most promising market segments for the first launch of a product, and then continuing to launch it over time
| ?HOW to sell to whom? Channel strategy, there are many channels to promote the product to the market, pay attention to product factors? Organizational factors/price factors/customer factors
| ?where? Communicate the right message about the product in the right way Sub-promotional programs and communication messages.
Sustainable product innovation: a model of development that meets the needs of the present without compromising the ability of future generations to meet their own needs. The goal of the circular economy is to create closed loops in the product life cycle. Initial → Improvement → Success → Leadership.
Circular economy and innovation: the cycle of nature and production, optimization of use and reproduction.
Triple bottom line: financial, social and environmental. It can also be expressed in terms of the 3Ps: profit (profit), people (people), planet (planet)
Food kilometers: the distance traveled by food from the place of production to the hands of the consumer.
Greenwashing: A company or organization that spends more time and money on "green" operations through high profile and marketing campaigns than on actual business efforts to reduce its environmental impact.
Life Cycle Assessment (LCA): Based on a Life Cycle Assessment (LCA) that summarizes the environmental impacts of products and services. Sustainable Design Framework: Environmentally oriented design/sustainable design.
Summary of key points: The knowledge points in the system are fragmented and scattered, and appropriate summarization can make the framework clear and clear.
Facing weaknesses: For those who don't understand or don't have enough knowledge, they can consolidate and penetrate. The first thing you need to do is to get a better understanding of the subject matter.
Clear vision: As described in the NPDP, always be clear about your goals and build a learning skills system.
Life is not easy, cherish the time, if there is still room, you can try to complete their own personal goals. Enrich your life experience.