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0:00
I'm Joe Tidd and
I'm Professor of
Technology and
Innovation Management at
the Science Policy Research Unit
at the University of Sussex, UK.
In this section, we'll be
looking at the factors that
influence the
success and failure
of innovative products
and services.
0:17
Successful product
development is not easy.
It's not simply about
asking users what
do they want next.
Because users will
tend to frame products
and services in terms of
what they currently experience.
They generally don't have
knowledge of what is
possible and therefore the
potential for innovation.
0:34
Even the best and most
experienced companies
get product development wrong.
That's the nature
of the process.
For example, Apple has many
successes, so does Google.
However, both
companies have made
big mistakes in terms of
products and services
in the past.
So we have to
understand what factors
influence product
success and failure.
0:54
The success rate is actually
quite low for new
product development.
However, it varies very
much by different sectors.
For example, in consumer
to consumer markets,
generally it's several
thousand to one,
but in other sectors,
it may be many times more that.
1:10
We want to look at
three related factors.
One is, what do we know about
the factors that make
products successful or fail?
Secondly, what
processes do we have
to successfully develop
new products and services?
Finally, we need specific tools
and techniques to help us
support product development.
1:28
First, we'll look at
the success factors,
which are derived primarily
from systematic research.
If we look at the research over
the last four or five decades,
we find there are three groups
of factors that explain most of
the variance between successful
and unsuccessful
products and services.
The first are
products advantage,
the second, clear
market definition,
and the third,
pre-development activities,
and we're going to unpack
each of these in turn.
