B03: New Product, Boom or Bust?, Plain & Simple
- There are no course requirements or prerequisites. This course in a foundation course.
New products and services are the foundation of any long term successful strategy in a business. But when we think about new products and services, we often think only about those groundbreaking products that have changed the world in some way. We often forget that most of the new successful product introductions are much smaller in scale, leverage from the strengths of the organization and its connection with it's customer base.
This introductory course will lay the framework for the many different types of new products and services that we can offer our customers. Follow-on courses will develop the details of how to define, develop and launch highly successful new products and services.
In this course we will cover:
PRODUCT FLOP OR SUCCESS?
Learning from failure is a key ingredient of success. This lecture will examine a few of the big product failures in the past and examine what caused those.
TYPES OF NEW PRODUCTS
We all think about that earth shattering, revolutionary brand new product that rocks the world. But most successful products are extensions of our current product line or improvements on a current product. This course will review the basic types of new products and how they can be great business investments.
SERVICES AS PRODUCTS
The conventional method of thinking about new products is the development and launch of a new physical item... something we can see and feel and hold. We often forget that there are huge opportunities in launching "New Services" as a stand alone item or in conjunction with a new physical product. We will review the different classes of services and how they relate to overall business success.
This "PLAIN AND SIMPLE" series strives to describe all course content in a simple and easy to understand manner, using many practical examples throughout. It is targeted at those learners who have minimal familiarity with the subject matter.
The content of the series is based on the author's 35 plus years experience in New Product Development from Concept to Product End of Life. The author started out his career as a product development engineer and progressed to technical marketing, business development and then finally to senior management as a VP and then President of a high tech firm. Following his retirement the author was invited to teach New Product Development to MBA students at the University of Washington in Seattle and to EMBA and Healthcare students at the University of New Haven in Connecticut.
Who this course is for:
- Those who are in the process of creating new product ideas.
- Engineers who want to get a broader view of the value of new products and services
- Marketing folks who drive new product management
- The eternally curious.
- 08:44Product Flop or Success?
- 14:18Types of New Products
- 09:14Services as Products
- 00:31BONUS LECTURE
Tom Giordano is a 28 year veteran of Philips Healthcare. He retired in 2005 as Vice President of Marketing, where he was responsible for 240 marketing professionals and several billion dollars in product. Through his career, Tom held a wide variety of positions of increasing responsibility at Philips, starting in engineering, progressing to product management, then marketing management and finally senior level business leadership. In 2004, he was awarded the prestigious Presidential Award from Philips for forming a new entrepreneurial business unit that tripled sales in 18 months. Tom played a key role as a course developer and instructor in the management development and executive training efforts with the Philips High Potential Development Center.
Following his retirement from Philips, Tom joined the adjunct faculty of the graduate business schools of the University of New Haven in Connecticut and the University of Washington in Seattle. He currently holds a positiion as "Executive in Residence" at the University of New Haven and continues to teach there with exceptionally high student reviews.
In 2009, while teaching at UW and UNH, he became President of Sectra Healthcare North America for 2 years to lead a very successful turnaround effort.
Tom built a very successful internship program between Philips and the University of Washington and served as a mentor there for 15 years. He also served as a mentor in the University of Washington mentor program and was featured in the book "Mentoring Moments" by Susan Canfield.
Tom serves as chairman of the Patient Advisory Council of Saint Vincent's Hospital in Bridgeport, CT
Tom holds executive coaching certifications with both Lore International and Tilt 360. He holds a BS in Electrical Engineering from Drexel University in Philadelphia and a MS degree in Engineering from the University of Florida.