1 / 16

Concept Development

Concept Development. FST 650. Concept Development. Finding Gaps Idea Generation Evaluating Ideas Developing the Concept Evaluating the Concept Why it is Important to Product Development. Finding Gaps. Gaps in Market space Trends in the market Needs/ wants vs. benefit gaps

fairfax
Download Presentation

Concept Development

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Concept Development FST 650

  2. Concept Development • Finding Gaps • Idea Generation • Evaluating Ideas • Developing the Concept • Evaluating the Concept • Why it is Important to Product Development

  3. Finding Gaps • Gaps in Market space • Trends in the market • Needs/ wants vs. benefit gaps • Competitive brands vs. gaps • How does the consumer view the market space? • Gaps in Product space • Trends in the product category • Needs/ wants vs. benefits gaps • Competitive products vs. gaps • How does the consumer view the product space?

  4. Market Understanding – The Brand

  5. Market Understanding - The Product

  6. Gaps: Brand vs. Product Positions

  7. Brands and Products for Positioning 1 and Positioning 2 • Positioning 1 is focused on butter, flavor, and memories: • good buttery flavor • pleasant aftertaste • butter texture • taste reminds of homemade • taste like what I use • tastes like what I grew up with • Positioning 2 is focused on easy to use, flavor, and texture: • looks like made from real butter • melts well in mouth • melty looking chips • soft for easy chewing • browned sugar taste Based on the the brand maps: • Brands • Brands that are closer to positioning 1 are: B9, B12, B1, B8, and to some extent B3 • The Brand for positioning 2 is: B7 • Products • The Products for positioning 1 are: B9, B3, B12 and B10 • The Product for positioning 2 is: B8

  8. Idea Generation • Must Define: • Product Category • Key Markets • Objective (Cash flow, market share, etc), • Level of Effort • Original (new) product, Modifying existing products, Copying competitors products • Idea Generation Techniques • Attribute Listing • For an object… What are the key attributes? How could they be modified? • Put to other uses? Adapt? Magnify? Minify? Substitute? Rearrange? Reverse? Combine? • Forced Relationships • Several related objects are listed. What is the relationship to each other? • Morphological Analysis • Look at a problem and rethink the structural dimensions of the problem and the relationships • Need/ Problem Identification • Consumers are asked about needs, problems, ideas. • Lead Users/ Average Users/ Heavy Users • Brainstorming • Looking for Ideas to solve a problem (6-10 people)

  9. Idea/ Product Attractiveness • Score Card • Evaluate • Reward • Technical Risk • Commercial/ Market Risk • Strategic Fit with company

  10. Developing Concepts • An Idea is an articulation of a potential problem • A Concept is a solution (technology pathway) for solving the potential problem • Who will use the product? • What benefits built into the product? • What occasion(s) will the product will be used? • Writing Concepts – Key Components • Product Description • Situational • Emotional • Brand • Benefit/ Reason to Believe (technology)

  11. Key Questions to be Answered • Are the benefits clear and believable? • Measures communicability and believability (if low = rewrite) • Does the product solve a problem or fill a need? • Measures need level (higher = higher interest) • Do other products meet this need and satisfy you? • Measures gap level between new product and existing products. • Need level can be multiplied by the gap level to produce a need gap score. (higher score = higher interest) • Is the price reasonable in relation to the value? • Measures perceived value. (higher = higher interest) • Would you (definitely, probably, might or might not, probably not, definitely not) buy the product? • Measures purchase intent, typically looking for high top 2 box score • Who would use the product and how often would it be used? • Measures user targets and purchase frequency

  12. Evaluating Concepts • Market Research – 2 Types • Qualitative • Quantitative • Why? • Obtain consumer input before making a large investment • Make corrections and fine tune the offering before making a large investment

  13. Qualitative and Quantitative Qualitative – Focus on the Why • Identify strengths, weaknesses, opportunities • Focus Groups • In Context (Ethnographic) • Different Sizes (In depths one on ones, dyads, triads, mini groups, etc) Quantitative – Focus on the What • Need statistically sound answers, or qualitative research is inconclusive to confirm or reject a reasonable hypothesis • Structured Questionnaire • Mail • Telephone • Internet • Personal (Mall Intercept) • Pre- Recruits (Mock juries, music studies, etc) • Trade Off • Telephone • Internet

  14. Key: Integration of Multiple Types of Research • Key Product Attributes • Product Category – Likes and Dislikes • Specific Attributes of the Product • Uniqueness compared to similar products in the market • Key Behaviors • Habits, frequency of use/ purchase • Rituals • Needs • Key Emotions • Fun, Family, Love • Key Consumer Frameworks/ Overarching Trends • Convenience • Health • Indulgence • Pricing • Trade Offs • Vs Quality

  15. Some Factors Affecting Concept Execution • Target Consumer • Age, Gender, Lifestyle, Mindset • Hot Dogs • Brand • Pepsi vs.. Coke • Behavior • Ritual • Hot Dogs, Oreos • Flavor, Texture, etc • Crème Savers • Category Expectations • Product Form • Ben & Jerry’s Cookie Dough vs. Chocolate Cookies and Milk • Packaging • Reddi Whip vs.. Cool Whip • These are choices that Product Development makes in executing the concept!!

  16. Building Your Concept Assignment:

More Related