Transcript PROMOTING A UNIVERSITY CULTURE OF INNOVATION AND

PROMOTING A UNIVERSITY CULTURE
OF INNOVATION AND PRODUCT
DEVELOPMENT FOR IGR
BY
PROF. SAMUEL T. WARA, PhD, R. Eng (COREN), FNSE,
FIET, FRHD
DIRECTOR, CUCRID
ON THE OCCASION OF THE EXECUTIVE ADVANCE –
2015/2016 ACADEMIC SESSION FOR FACULTY AND SENIOR
NON – TEACHING STAFF
THEME – INNOVATION, PRODUCT DEVELOPMENT
AND NATION BUILDING
PRESENTATION SUMMARY
•
•
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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
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
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?
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
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..
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, featur
es, 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.
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
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.
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.
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
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)
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
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,scholarship
s, 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
STRATERGIES FOR PROMOTION OF
DEVELOPED PRODUCTS - cont’d
Public Relations
Public Relations
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”.
• 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
unfavourable rumours, stories
and events.
• By building good relationships
with
your
stakeholders,
particularly customers, you
can generate positive word of
mouth and referrals from
satisfied customers
STRATERGIES FOR PROMOTION OF
DEVELOPED PRODUCTS - cont’d
PROCEDURE FOR NEW PRODUCT
DEVELOPMENT(PNPD)
•
•
•
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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 sale and
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.
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.
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
MARKETING A NEW
PRODUCT/UNIVERSITY PRODUCTS
Idea Screening
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The object is to eliminate
unsound concepts prior to
devoting resources to them.

The screeners should ask
several questions:
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Will the customer in
the target market benefit
from the product?
What is the size and growth
forecasts of the market
segment / target market?
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?
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Is it technically feasible to
manufacture the product?

Will the product be profitable
when manufactured and
delivered to the customer at
the target price?
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?
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
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
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
MARKETING A NEW
PRODUCT/UNIVERSITY PRODUCTS
Technical Implementation

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New program initiation
Finalize
Quality
management system
Engineering
planning
operations

Department scheduling

Supplier collaboration

Resource estimation

Logistics plan

Requirement publication

Resource plan publication
Publish
technical
communications
such
as data sheets
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Program
review
monitoring
Contingencies
planning
-
and
what-if
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
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
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.
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
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).
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.
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
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
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
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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
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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
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