2 20 14 Chapter 7 Nature of Product Process Development Sophisticated customers generally exist in fragmented markets Customers can differentiate products on a very subtle level Impact of Technology Today marginal cost of added technology is usually small growing business cannot build its competitive advantage around technology alone Shortened product life cycle of almost everything Impact of Insufficient Resources Poor execution Time to market increases not enough people to do work need to redo work because you hired under qualified people the first time First to market opportunities are missed Projects are made simpler so that more can be done with less projects dumbed down or key features are deleted Team morale declines Strategies to consider to compete effectively in product development Design products right the first time Outsource certain product development tasks Shorten the time to market Process Cycle Components been served Proper opportunity recognition have you identified a niche that has not Technical feasibility analysis does the product service currently exist Does it have and application in the market Can it be produced How much Design and development of platform ideally a platform product will provide for many derivative products their corresponding revenue streams Product Development Cycle Prototype building and field testing Initial market tests Market introduction and ramp up time to consider how to replicate your product at lowest possible cost New Product Checklist pros cons table Areas Suitable for outsourcing that require engineering analysis design and expertise Component design Materials specifications Machinery to process Ergonomic design Packaging design Assembly drawings and specifications Parts and material sources suppliers Operator s and owner s manuals Intellectual Property Rights group of legal rights associated with patents trademarks copyrights and trade secrets Patents The primary means of protecting an original invention The process was designed by Thomas Jefferson in 1790 to provide a brief legal monopoly to give the inventor a opportunity to get the invention to market and recoup development costs before competitors entered the market The invention must fit into 1 5 classes established by Congress 1 Invention must have utility 2 Must not contain prior art 3 Must not be obvious to someone with ordinary skills in the field Ex cannot patent how to hammer a nail Types of Patents Utility protect functional part of machines processes Design protect new original ornamental designs for manufactured articles Business Method protect fundamentally different ways of doing business whereby the embedded process Process Disclosure document not available since Feb 2007 File a provisional patent Fila a non provisional patent application Patent Infringement enforce Patents give the holder right to enforce the patent Defense costs in time and money make it difficult for small business to Foreign Patents united states Patent rights granted to an individual extend only to the borders of the Every country has different laws regarding intellectual property working to develop international property attorney Hire a knowledgeable intellectual Trademarks symbol logo word sound color design or other device that is used to identify a business or a product in commerce Not trademarkable Anything immoral or deceptive Uses official symbols of a U S or any state municipality such as a flag Uses a person s name or likeness without permission Copyrights Protects the form of the original works of authors composers screenwriters computer programmers does not protect the idea itself Lasts for the life of the holder 70 years Digital Millennium Copyright Act 1998 prohibits falsification alteration or removal of copyright management data on digital copies Obtaining copyright protection federal protection is available if work is in fixed and tangible form Trade Secrets consists of a formula device idea process pattern or compilation of information that gives the owner a competitive advantage in the marketplace a novel idea that is not common knowledge and is kept in a confidential state Not protected by federal law Sometimes owners companies choose not to patent in order to keep a trade secret secret indefinitely Overview 5 impacts of insufficient resources Product development cycles 2 slides Patent process Registered and non registered trademark symbols Trade secrets Copyrights
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