PROMOTING A UNIVERSITY CULTURE OF INNOVATION AND PRODUCT DEVELOPMENT FOR IGR

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 • • • • 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 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, fea tures, 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 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 • • • Engineering operations planning • Department scheduling • Supplier collaboration New program initiation Finalize Quality management system • Resource estimation • Logistics plan • Requirement publication • Resource plan publication • Publish technical communications such as data sheets • 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 • • • • • • • LIST OF SOME SPECIFIC CU PRODUCTS PAWPAW PRODUCTS FERMENTED RICE PAINTS AND COATINGS SKIN CARE PRODUCTS HOME CARE PRODUCTS GREEN PRODUCTS SECURITY PRODUCTS(BANKS, SECURITY etc) • ICT & GORVENANCE PRODUCTS • HEALTCARE PRODUCTS • CHALLENGED PRODUCTS PERSONAL • • • • • • • • • 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 THANK YOU FOR LISTENING ... 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... 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... 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)