Three innovation challenges
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- Can the product be made
- Will the final product satisfy the market
- Is it possible for the commodity to be competitive
- Can the advantage be sustained
- Will the investment be rewarded with appropriate returns
| Is the product real?
Yes, it’s very effective. Is there a clear concept? Until production starts, the concept's technology specifications are often misunderstood, and project members often disagree over the product's exact characteristics. Now is the time to put those thoughts out there and figure out just what needs to be created. This includes not only defining technological criteria of chargers, but also assessing the concept's legal, societal, and environmental implications. Can the product be made? The idea is sound, and the product is feasible. It could be made using current technologies and materials. The commodity should be made, manufactured, and shipped at a fair rate, or it will not be so costly that future consumers can ignore it. Will the final product satisfy the market? Chargers may be rendered in performance attributes during development; unexpected mechanical, production, or systems issues which arise; and features may be changed. Heat/cold chargers built to fulfil consumer needs can lose some of their potential appeal with each such fork in the lane. Can we win? After confirming that the demand and the commodity are both legitimate, the team will evaluate the opportunity to achieve and maintain a sufficient market share. The more genuine the opportunity, the more possible it is that it will be pursued by hungry rivals. Is it possible for the commodity to be competitive? Customers would prefer it because chargers have superior value by a variety of advantages such as improved features and lower costs. Does it have competitive advantage? Yes, the commodity has additional tangible benefits, such as long-term cost savings, increased protection, improved efficiency, and less repair or service requirements, as well as intangible benefits, such as greater social acceptability and the implied promise of lower costs (Dalwadi et al., 2018). Can the advantage be sustained? The charger's ability to hold imitators at bay determines its competitive edge. Patents are the first line of defence. The project team will assess the applicability of its current patents to the product under development and determine if new patents are required to cover associated intellectual property. Will the investment be rewarded with appropriate returns? Yes, we can see a strong return on investment as a result of our appealing competitive edge, which would increase our profits. Furthermore, successful marketing efforts can lift brand interest among consumers, resulting in increased revenue and benefit. (Dalwadi et al., 2018) Download 445.38 Kb. Share with your friends:
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