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Cultivating Innovation: Strategies for Product Development & Nation Building

Explore the importance of innovation, product development, and marketing strategies in building a successful university culture. Discover benefits, funding, and protection strategies for developed products.

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Cultivating Innovation: Strategies for Product Development & Nation Building

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  1. PROMOTING A UNIVERSITY CULTURE OF INNOVATION AND PRODUCT DEVELOPMENT FOR IGRBYPROF. SAMUEL T. WARA, PhD, R. Eng (COREN), FNSE, FIET, FRHDDIRECTOR, CUCRIDON THE OCCASION OF THE EXECUTIVE ADVANCE – 2015/2016 ACADEMIC SESSION FOR FACULTY AND SENIOR NON – TEACHING STAFFTHEME – INNOVATION, PRODUCT DEVELOPMENT AND NATION BUILDING

  2. PRESENTATION SUMMARY • QUESTIONS/.FOOD FOR THOUGHTS • DEFINITION OF KEY WORDS • CONCEPTS FOR PROMOTION • MARKETING STRATEGIES FOR DEVELOPED PRODUCTS • TYPES OF PRODUCTS • BENEFITS FROM INNOVATION AND PRODUCT DEVELOPMENT • FINAL WORD/RECOMMENDATIONS

  3. QUESTIONS/FOOD FOR THOUGHT • Can IPD serve as a means of IGR/ what relationship exist between I & PD and IGR • How can this be done/How should the process be driven (Culture)? • How can the process be managed/role of all stakeholders/partners (students, faculty, staff, industries etc)? • How should the process /programme for IPD be funded to maximize IGR? – Internal and external grants; what roles

  4. QUESTIONS/FOOD FOR THOUGHT – CONT’D • How do we protect our ideas and products whilst advertizing and selling them (pre/post development)? • What strategies should we deploy to develop, popularize, commercialize and sell our products/does our local community know/use our products? • Can partnerships and intents/needs help/facilitate research, Innovation and product development • What disruptive tools can we consider besides the norms of promotions, bonuses, incentives, discounts etc – to have an edge and distinguish ourself from the multitude?

  5. DEFINITION OF KEY WORDS PROMOTION • the method you use to spread the word about your product or service to customers, stakeholders and the broader public; •  a program that sells or advertises something; • raising customer awareness of a product or brand, generating sales, and creating brand loyalty. CULTURE • relates to the habits, beliefs, and traditions of a certain people ; • it is the characteristics and knowledge of a particular group of people

  6. DEFINITION OF KEY WORDS – CONT’D INNOVATION • a new idea, method, or device : novelty; •  something new or different introduced; • a more effective device or process. • the application of better solutions that meet new requirements, in articulated needs, or existing market needs. • something original and more effective and, as a consequence, new, that "breaks into" the world space( market or society) • This could be accomplished through more effective products, processes, services, technologies, or ideas that are made readily available to  society, markets, governments etc..

  7. DEFINITION OF KEY WORDS – CONT’D PRODUCT • A good, idea, method,information, object or service created as a result of a process and serves a need or satisfies a want. • a combination of tangible and intangible attributes (benefits, features, functions, uses) that a seller offers a buyer for purchase. For example a seller of a toothbrush not only offers the physical product but also the idea that the consumer will be improving the health of their teeth. • Legally, it is any commercially distributed good that is a tangible personal property; output or result of a fabrication, manufacturing, or production process, and which passes through a distribution channel before being consumed or used.

  8. DEFINITION OF KEY WORDS – CONT’D • In marketing, it is any good or service that most closely meets the requirements of a particular market and yields enough profit to justify its continued existence. Example car manufacturing and accessories manufacturers(main and downstream/subsidiary companies) • DEVELOPMENT -  the act of improving by expanding, enlarging, or refining  • IGR - the total amount of money received by the company(Covenant) for goods sold or services provided

  9. STRATERGIES FOR PROMOTION OF DEVELOPED PRODUCTS • (Innovation And Product Marketing/Commercialization) • Promotion is the method you use to spread the word about your product or service to customers, stakeholders and the broader public. Identifying the target market/end users is key. • there is need to identify the best way to reach your target. • There is no single wholesome method but a combination from the following: advertising, personal selling, referrals, sales promotion and public relations to promote their products or services.

  10. STRATERGIES FOR PROMOTION OF DEVELOPED PRODUCTS - cont’d • ADVERTISING : What is advertising? • a form of communication designed to persuade potential customers to choose your product or service over that of a competitor • Successful advertising involves making your products or services positively known by that section of the public most likely to purchase them. • It should be a planned, consistent activity that keeps the name of your business and the benefits of your products or services uppermost in the mind of the consumer.

  11. STRATERGIES FOR PROMOTION OF DEVELOPED PRODUCTS - cont’d • BENEFITS OF ADVERTIZING/Why advertise? • The objective of advertising is to increase your profit by increasing your sales. Advertising aims to: • Make your business and product name familiar to the public • Create goodwill and build a favourable image • Educate and inform the public • Offer specific products or services • Attract customers to find out more about your products

  12. STRATERGIES FOR PROMOTION OF DEVELOPED PRODUCTS - cont’d METHODS •  Stationery • Window display or office front • Press advertising • Radio • Television • Direct mail • Outdoor • Ambient • Cinema • Point of Sale( we could partner with all our LFC all over Nigeria and the world) • Online(internet, social media, webpage. SMS) • Directory listings(product brochure, known yellow pages) • Evaluating the effectiveness of your advertising(feedback)

  13. STRATERGIES FOR PROMOTION OF DEVELOPED PRODUCTS - cont’d What is selling? How do we sell CU products? • the exchange of goods or services for an agreed sum of money • The process may include one, some or all of the following stages: • Prospecting and qualifying – identifying qualified prospects ie: those that are likely to want or need your product or service and can afford to pay for it. • Pre-approach – undertaking research about prospects to assist in the actual selling process. • Approach – making actual contact with the prospect in person, by phone or in writing

  14. STRATERGIES FOR PROMOTION OF DEVELOPED PRODUCTS - cont’d Sales Promotion • What is sales promotion? Relates to • short term incentives or • activities that encourage the purchase or • sale of a product or service. ). EXAMPLES bonuses,discounts,scholarships, sponsorships etc • What are the major sales promotion activities? Activities can be targeted toward • final buyers (consumer promotions), • business customers (business promotions), • retailers and wholesalers (trade promotions) and members of the sales force (sales force promotions

  15. STRATERGIES FOR PROMOTION OF DEVELOPED PRODUCTS - cont’d Public Relations Public Relations simply, building good relations with the stakeholders (public) of your business by obtaining favourable publicity, building a good corporate image and handling or heading off unfavourablerumours, stories and events. By building good relationships with your stakeholders, particularly customers, you can generate positive word of mouth and referrals from satisfied customers What is public relations? • The Public Relations Institute of Australia (PRIA) defines Public Relations (PR) as: “The deliberate, planned and sustained effort to establish and maintain mutual understanding between an organisation (or individual) and its (or their) publics”.

  16. STRATERGIES FOR PROMOTION OF DEVELOPED PRODUCTS - cont’d PROCEDURE FOR NEW PRODUCT DEVELOPMENT(PNPD) PROCEDURE FOR NEW PRODUCT DEVELOPMENT(PNPD) Cost, time and quality are the main variables that drive the customer needs. Aimed at these three variables, companies develop continuous practices and strategies to better satisfy the customer requirements and increase their market share by a regular development of new products. There are many uncertainties and challenges throughout the process which companies must face. The use of best practices and the elimination of barriers to communication are the main concerns for the management of NPD process. • This is the complete process of bringing a new product to market. • It is the transformation of a market opportunity into a product available for saleand • it can be tangible (that is, something physical you can touch) or intangible (like a service, experience, or belief). • A good understanding of customer needs and wants, the competitive environment and the nature of the market represent the top required factors for the success of a new product.

  17. MARKETING A NEW PRODUCT/UNIVERSITY PRODUCTS Stages of Marketing considerations • Idea Generation • SWOT ANALYSIS (Strengths, Weaknesses, Opportunities & Threats). • Market and consumer trends, competitors, focus groups, employees, sales people, corporate spies, trade show/EXHIBITIONs may also be used to get an insight into new product lines or product features. • Lots of ideas are generated about the new product. Out of these ideas many are implemented. The ideas are generated in many forms. Many reasons are responsible for generation of an idea. • OPPORTUNITY ANALYSIS

  18. MARKETING A NEW PRODUCT/UNIVERSITY PRODUCTS Idea Screening Idea Screening What is the current or expected competitive pressure for the product idea? What are the industry sales and market trends the product idea is based on? Is it technically feasible to manufacture the product? Will the product be profitable when manufactured and delivered to the customer at the target price? • The object is to eliminate unsound concepts prior to devoting resources to them. • The screeners should ask several questions: • Will the customer in the target market benefit from the product? • What is the size and growth forecasts of the market segment / target market?

  19. MARKETING A NEW PRODUCT/UNIVERSITY PRODUCTS • Idea Development and Testing • Develop the marketing and engineering details • Investigate intellectual property issues and search patent databases • Who is the target market and who is the decision maker in the purchasing process? • What product features must the product incorporate?

  20. MARKETING A NEW PRODUCT/UNIVERSITY PRODUCTS – cont’d • What benefits will the product provide? • How will consumers react to the product? • How will the product be produced most cost effectively? • Prove feasibility through virtual computer aided rendering and rapid prototyping • What will it cost to produce it? • Testing the Idea may involve asking a number of prospective customers to evaluate the idea

  21. MARKETING A NEW PRODUCT/UNIVERSITY PRODUCTS • Business Analysis • Estimate likely selling price based upon competition and customer feedback • Estimate sales volume based upon size of market Estimate profitability and break-even point

  22. MARKETING A NEW PRODUCT/UNIVERSITY PRODUCTS • Beta Testing and Market Testing • Produce a physical prototype  • Test the product (and its packaging in typical usage situations • Conduct focus group customer interviews or introduce at trade show • Make adjustments where necessary • Produce an initial run of the product and sell it in a test market area to determine customer acceptance

  23. MARKETING A NEW PRODUCT/UNIVERSITY PRODUCTS Technical Implementation • New program initiation • Finalize Quality management system • Resource estimation • Requirement publication • Publish technical communications such as data sheets • Engineering operations planning • Department scheduling • Supplier collaboration • Logistics plan • Resource plan publication • Program review and monitoring • Contingencies - what-if planning

  24. COMMERCIALIZATION • Launch the product • Produce and place advertisements and other promotions • Fill the distribution pipeline with product – How? • Critical path analysis is most useful at this stage

  25. New Product Pricing • Impact of new product on the entire product portfolio • Value Analysis (internal & external) • Competition and alternative competitive technologies • Differing value segments (price, value and need) • Product Costs (fixed & variable) • Forecast of unit volumes, revenue, and profit

  26. TYPES OF PRODUCTS • A product can be tangible (that is, something physical you can touch) or intangible (like a service, experience, or belief) • A holistic approach is needed to manage the process • Innovation and the development of new products is a must continuum if we desire to grow and prosper financially • Product developers often rely on technology, but the real success comes from understanding customer needs and values.

  27. CUSTOMER CENTERED PRODUCT DEVELOPMENT • Finding new ways to solve customer problems. • Create more customer-satisfying experience • The most successful companies were the ones that: • Differentiated from others • Solved major customer problems • Offered a compelling customer value proposition • Engaged customers directly

  28. TEAM BASED PRODUCT DEVELOPMENT • An approach to deserving new products in which various company's departments work closely together overlapping the steps in the product development process in order to: • Save time • Increase effectiveness • Those departments are: legal, marketing, finances, design and manufacturing, suppliers and customer companies(INDUSTRIES PARTNERSHIP).

  29. SYSTEMATIC PRODUCT DEVELOPMENT • Development process should be holistic (alternative) and systematic not to good ideas die(shelf products). • This process is installed on Innovation Management System that collect, review, evaluate new product ideas and manage • The Innovation Manager encourages all partners: students, faculty, staff, suppliers, distributors and dealers to become involved in finding and developing new products. • New ways to create valued customer experience, from generating and screening new product ideas to create and roll out want-satisfying products.

  30. JUSTIFICATION FOR INNOVATION AND PRODUCT DEVELOPMENT Why CU should consider innovation and product development • Right timing: consolidation and positioning CU for 1:10:10; it is said necessity is the bedrock of inventions and the result is product development • satisfying changing customer needs and tastes • Innovation helps facilitate product development • Making CU more competitive and a brand of choice • Position’s CU for a better future • Active nation building participant/player

  31. FINAL WORD/RECOMMENDATIONS • Innovation and product development is a veritable tool for the generation of revenue internally • The life line for product development is innovation • Innovation is the platform which deals with diverse customer/consumer needs and transforming same to new products • The sale of products or charges for service generate income, hence commercialized products/services is needful for income generation • Managing innovation and product development requires input from all stake holders from the beginning • Both internal and external fund sources are required for innovation and product development

  32. FINAL WORD/RECOMMENDATIONS • There is need to identify our strengths • There is need to identify our product development line • There is need to protect our products • There is need to develop a rewards policy for product developers • There is need to develop our own business strategy; innovation management system etc

  33. LIST OF SOME SPECIFIC CU PRODUCTS • PAWPAW PRODUCTS • FERMENTED RICE • PAINTS AND COATINGS • SKIN CARE PRODUCTS • HOME CARE PRODUCTS • GREEN PRODUCTS • SECURITY PRODUCTS(BANKS, PERSONAL SECURITY etc) • ICT & GORVENANCE PRODUCTS • HEALTCARE PRODUCTS • CHALLENGED PRODUCTS

  34. LIST OF SOME SPECIFIC CU PRODUCTS • RENEWABLE ENERGY PRODUCTS • FOOD AND BEAVERAGE PRODUCTS • GAMES AND ENTERTAINMENT PRODUCTS • AIR CONDITIONINING PRODUCTS • OIL & GAS PRODUCTS • HOUSING/BUILDING PRODUCTS • EDUCATION SUPPORT PRODUCTS • AUTO INDUSTRY PRODUCTS • ETC

  35. THANK YOU FOR LISTENING

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