Creating Successful New Products

Course Description:

To create successful products and services in today's rapidly changing and uncertain marketplace, organizations must have the appropriate process framework and managers must use effective decision-making tools.

The SOMOS Creating Successful New Products seminar equips managers with a proven process and powerful, practical tools for new product creation (NPC). These tools are integrated into the framework to help organizations improve the success rate of their NPC process and increase the valuation of their R&D projects.

This seminar is a highly interactive and practical learning experience. It presents and discusses a process framework for NPC and then enhances participant's knowledge and skills through development and practice of powerful management decision tools. These tools allow managers to identify and navigate the most promising products from idea generation through to accomplishment of the organization's business goals.

The seminar meets the diverse learning needs of professionals through a rich combination of lecture, case study, problem solving, group analysis, presentations, and discussion.

Objectives:

In this intensive seminar, participants learn to:

Improve the success rate of their NPC process;

Avoid the common pitfalls of NPC and understand the reasons for success and failure of NPC projects;

Increase ROI and R&D project valuation through tools and techniques that align new product decisions with business goals;

Reduce time to market and get a jump on competition through a streamlined NPC process framework and state of the art decision-making tools;

Save money by weeding out losing product and service ideas earlier in the NPC process and focusing critical resources on the winners;

Manage complexity and reduce risk in project selection;

Respond quickly to changes in the competitive, economic, political, regulatory, or global environments;

Act more decisively, make more informed decisions, reduce tension between functional groups and get agreement through better NPC decision-making tools;

Adapt the NPC framework and tools to different product and service development needs.

Duration:

The course is offered in two formats. The first format is a four-day comprehensive course that presents the NPC process framework along with an analysis of success factors and six decision-making tools. The second method of delivery presents the materials over a longer period of time, with a one-day framework analysis, followed by six half-day workshops, each covering a different tool.

Course Outline:

Introduction
Product Creation within organizations
- Trends influencing NPC success rate
- Dealing with greater uncertainty
- NPC success and failure factors
NPC Process framework
Decision Making Tools
- Generating new product ideas
- Scenario planning
- Cost behaviour model
- Market positioning
- Project business valuation
- Business case development
Integrative Exercise

Class Size:

SOMOS experience has shown that the optimal class size for this course is between 12 to 18 students for the best interaction between the participants and the instructor.

Course Materials:

Course participants will be provided with the following materials:

Course notes

Exercise book

Case Study Material

Target Audience:

Product and program managers charged with creating new products
R&D and process specialists
Functional managers involved in new product creation

Prerequisites:

None

Registration Information:

This course is offered to groups of 15 or more.

If you would like to discuss your organization's management development needs with a SOMOS account executive, please click here or call 613-592-5050 x229.

Refer to course code 2NPC00 - Creating Successful New Products.