COMMERCE 4MC3 Chapter 2: NPM chapter 2

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 4MC3
• Professor: Dr. William Allender

Document Summary

P&g acquired cover girl makeup and was suffering. The cosmetic strategic business unit (sbu) lacked a product development focus. Within 2 years they engineered a complete turn-around by following and implementing the three strategic elements: The product innovation charter (pic): starts with an honest situation assessment and opportunity identification. The situation assessment showed that there was an underserved consumer market who wanted quality products for facial use only. Their supply chain was weak and not competitive with launch time. Management developed a new product strategy that considers the goals for their product innovation efforts and how these efforts fit overall business strategy. It involves identifying a strategic focus (which markets and which technologies will be targeted) The new products process: the path the new product takes from idea to the time of launch and beyond. They used voice of customer (voc) during the development of new product concepts.