You are a Product Management Consultant, called in by the firm's higher management to help out identifying better ways to remain competitive.
Analyse the case and give your "recipe" for the company to improve its way to manage new products (f.i.: ask yourself: do they have the appropriate organisational structure, can they improve the sources of new ideas, what else can they do in order to always have the product mix adequate to market demand, etc.)
Prepare a "consulting" report of 3 pages; use graphs, charts, flow charts, etc, as you see fit.
Recommendations for improving new product development
Establishing new product development department is critical to long-term success of McGregor and for competitive advantage. In an industry where consolidation is ruling the game, top 10 percent manufacturers have 90 percent of market share. Product innovation has always been central to business creation and growth. If McGregor has to enjoy financial success it has to have the ability to bring a steady stream of timely and well executed products to market. For sustained profitability new product ideas should be focused at targeting unmet customer demands. We can measure innovation from two key operational metrics which are speed and quality. Achieving high level of performance along these two dimensions requires the new product development to be efficient and accurate. By efficient we mean new product development should be able to translate objectives into products and accurate means that it should be capable of generating products that meet design specifications.
The new product development department should have following key steps:
1. Idea generation
Idea generation is a continuous, systematic search for new product opportunities. It ...
Product management consultant is examined.