Nine in ten new products launched fail and disappear from the marketplace within two years according to industry statistics. The main reason for failure is the inability to meet customer needs. Stephen Wunker is the managing director of New Markets Advisors, which assists clients in developing new ideas and strategies, finding new markets, and assessing current markets. As a consummate marketing and new product development professional, Stephen Wunker has the insight and knowledge to help companies and entrepreneurs understand issues around consumer needs and product development.
In this course, Wunker discusses many issues, such as the need for companies to have a full understanding of the reasons why consumers choose particular products. He discusses that innovative and breakthrough products come from an understanding that consumers buy products based on their need to get specific jobs accomplished, and the basic premise behind the “jobs criteria focus” in creating innovative products or services. Wunker discusses how to create a winning strategy to develop innovative products; how consumers can participate in the product design process; the implementation of the “Jobs to Be Done” approach; how to deal with corporate risk in product innovation and design; how to begin the process of product innovation within an organization; what corporations should do with the data they gathered during research about consumer motivation and buying behavior. Wunker also gives cautionary advice on the use of big data for marketing and product development; recommendations for creating a safety net around product creation and innovation process. He also talks about the problem of non-consumption; and how companies can stay relevant and connected to their consumers.
Who Should Attend
This forms part of the course "Consumer-Centric Product Development"