Product 2019

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John J. H. Oh

제품과 기술 전략에 관한 강의입니다.

Small Business & Entrepreneurship

Product and Technology
IT Entrepreneurship
John J. H. Oh
KAIST

Product Family.
Easily understandable.
Easily Sold.
Short Development Time.
Markets and
Customers
Management
Teams
Products or
Services
Business
Plan
Financing
Proprietary Technology.
Third of Five Elements of Start-Up Success

Different Views to Analyze Products
• Business Model
• Customer Pains toValue Proposition
• Differentiation
• Proﬁtability
• Compelling Reason to Buy

Key Requirement
• Value Proposition
• Proprietary Technology & Differentiation
• Product Family
• Easily understandable
• Easily Sold
• Short Development Time

Mapping Customer Pains
to Value Proposition

Value Proposition vs Customer
Entire Talk http://ecorner.stanford.edu/authorMaterialInfo.html?mid=2875
Value Proposition
• Offer
• product
• service
• features
• Pain killer
• Gain Creator
Customer
• Jobs
• Pain
• Gain

Key Issues
• Choosing right product
• Marketing and competitive analysis considerations
• Exceptional product attributes
• Producing your product

Choosing the Right Product
• High growth, high-proﬁt-margin opportunity
- buying franchises vs selling franchises
• Convert great device to great product
-augment it with service to be easily sold and used
• Many good idea comes from previous employment
• Better idea comes from customers

Right Product
• Do you sell drill bits or the holes? - one sells beneﬁts, not technology
• Do not confuse one product with business
• Make your product easily and clearly understandable

4P for Startups
• Product
With whom(competing product) are you going to hang around?
• Place
Which sales channel you can access?
• Price
What is proper price to your channels?
• Promotion
Know your ROI

3Value Disciplines
Michael Treacy and Fred Wiersma: The Discipline of Market Leaders (1997)
• operational excellence
• customer intimacy
• product leadership

Perceived cost
versus competition
Low High
High
Low
Perceiveddifferentiation
versuscompetition
Market
success
likely
Market
failure
likely
Success
highly
uncertain
Cost versus Perceived Differentiation Model

Differentiation Strategies
• Unique features
• Measurable customer beneﬁts
• Ease of use
• Improved productivity
• Protecting customers investment
• Lower cost of product failure
• Higher performance

Exceptional Product Attribute
• Developable and producible in a timely manner
• High gross margin
• Substantial collateral revenue - service, maintenance, accessary, updates,
supplies
• Clear distribution channels

Proﬁtability
• Bottom-up sales prediction
• major cost driver
• ﬁxed costs
• Gross margin
• SG&A
• Price erosion by competition
• Proﬁt margin

Case Reading
• Hypothesis-Driven Entrepreneurship:The Lean Startup,Thomas Eisenmann,
Eric Ries, and Sarah Dillard (2013)

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As a product leader, you have the responsibility to plan strategically for your company to grow its customer base and revenue. Thanks to years of other people growing companies, there are ten standard playbooks for how to accelerate your company’s trajectory. Simply because they are standard doesn’t mean that you can’t execute them in your own special snowflake way, but it’s relatively hard to reinvent the wheel. The list below is designed for leaders who are thinking about what the next phase of their company should be so that you can make sure you’ve entertained all the options. It’s very easy to think of one path and fall in love with it without exploring alternative routes. You may have a little John Frost (author who wrote two roads diverged in a wood poem) in you, and it’s worth exploring the roads less taken, it might just make all the difference. Each of the 16 options, can be used to accomplish at least one of the three primary business objectives: Add New Logos (growing your total addressable market or serviceable one) Improve Retention (increasing lifetime value or money per logo) Decrease Costs (reducing customer acquisition cost or operating expenses) It's important to note that for each goal, there are many strategies which can assist in accomplishing it. Unfortunately, not all strategies are correct for each company. Therefore, please see the attached video powerpoint deck which outlines tips for how to make that strategy successful and the conditions when it is a favorable option. If you manage a portfolio of products, different options will be applicable to each one depending on the current situation it is facing. --- Tami Reiss is the SVP of Product Strategy at ProduxLabs and the CPO in Residence at Insight Partners. She writes about how Product Leaders can do more to focus on what's important for a company's growth and streamline internal processes to yield results. You can follow her on Medium or @tamireiss on Twitter.

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Pricing is not one-shape-fits-all. Cost+, legacy-, or competitor-based pricing may lead you to leave money on the table. You need to consider both the value that you add to buyers as well as your corporate objectives. This becomes even more complicated when you’ve got an entirely new, innovative product or service. The talk will highlight these topics and show you how to think about them when setting your prices. Bring your questions and learn about how leading product managers use pricing to support innovative strategies. This would be an interactive session with the presenter leading discussions by providing an overview of key pricing approaches. Alain Meloche, Managing Partner of Pricing Cloud in Canada, has lead workshops across the world including Canada, the U.S., Singapore, Shanghai, Paris, and Johannesburg.

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Developing and Managing Products Unrestricted • Sustain growth • Increase revenue/profit • Replace obsolete items Why introduce new products? • New-to-the-world: discontinuous innovations • New product lines: enter an established market • Product line additions • Improvements or revisions • Repositioned products: existing products • Lower-priced products: like competition, but at a lower price Categories of new products 1. New product strategy 2. Idea generation 3. Idea screening 4. Business analysis 5. Development 6. Test marketing 7. Commercialization 8. New product New product development process • “Plan that links the new product development process with the objectives of the: • Marketing department • Business unit • Corporation” • Should specify the role the new products will play in the organization’s overall strategy New product strategy • Sources of new-product ideas • Customers • Employees • Distributors • Competitors • Research and development • Consultants • Other experts Idea generation • Screening: • Eliminates ideas that are inconsistent with organizational strategy or are inappropriate for some other reason • Concept test: • Test to evaluate a new-product idea, usually before any prototype has been created • Involves consumer reactions to product descriptions or visual representations of the proposed new product Idea screening and concept test Demand Cost Sales Profitability Business analysis stage • “The stage in the product development process in which a prototype is developed and a marketing strategy is outlined” • Involves: • Prototype • Marketing strategy • Packaging, branding, and labeling • Promotion, price, and distribution strategy • Examining manufacturing feasibility Development • Team oriented approach • Marketing, R&D, engineers, production, and suppliers • Shortens process and reduces costs Development • Test marketing: • “Limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation.” • Alternatives to test marketing: • Scanner-based research • Simulated market testing • Online test marketing Test marketing • Decision to market a product involves: • Ordering production materials and equipment • Starting production • Building inventories • Shipping the product to field distribution points • Training the sales force • Announcing the product to the trade • Advertising to potential customers Commercialization Why do some products fail? • No discernible benefit compared to existing products • Poor match between product features and customer desires • Overestimation of market size • Incorrect targeting • Too high or too low prices • Inadequate distribution Reasons for product failure Diffusion of Innovation Spread of new products Complexity Compatibility Relativeadvantage Observability Trialability Product characteristics and rate of adoption Product life cycles • Hi.

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Speaker: Jon Worren, MaRS Discovery District In this session we look at the basic concepts and principles of marketing that are relevant for early stage start-ups. Jon uses real-life examples to illustrate some of the following: * What is particular about marketing technology products? * Understanding the language of marketing for start-ups * Designing the marketing function in early stage companies * Creating marketing plans for companies with scarce resources Part of the MaRS CIBC Presents Entrepreneurship 101 lecture series. http://www.marsdd.com/ent101

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Zero to 100 is a learning program from David Skok. It is a detailed instruction manual for how to take your startup from zero to $100m, with a particular focus on the area of building a go-to-market machine. So many of today’s founders come from a product or technical background, and have never been involved with sales and marketing. Right after starting their venture, they are hit with the huge problem of how to build their go-to-market organization and processes. It breaks the journey down into 9 steps, and explains why it is crucial not to skip steps in this journey in the rush to get ahead. The major emphasis of the course focuses on building a repeatable, scalable and profitable growth machine. Once you have that in place, you are ready to hit the gas and scale like crazy. To see videos of the presentations, click here: https://www.forentrepreneurs.com/matrix-growth-academy-zero-to-100-videos/

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Brian Shaner – VP of Marketing, Pedowitz Group Bruce Huie – Strategic Account Director, Pedowitz Group In this workshop, The Pedowitz Group will facilitate a discussion with audience members around the steps that you can take to operationalize the customer experience. The steps and questions will include: A discussion of how to evolve your sales funnel or waterfall view of the world to one based on a customer journey map; Evolving your marketing communications and content to use the customer journey map as the basis for planning; Changing your funnel reporting metrics and conversions to use the customer journey map; Program and campaign planning that starts with the customer journey, and not the product; and How well does your MarTech stack serve your customer needs along their journey? Better customer experiences will not just happen because the website UI is improved, or web chat is available 24/7. Better customer experience arises from learning where the customer is in their engagement journey and adapting your firm’s behavior to align with their current state. Your customer journey map should be the touchstone for all customer facing organizations to optimize their customer engagement and operationalize the customer experience.

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