Development of New Products and Services: A Practical Guide for Design and Implementation

Innovation in today's world is regarded as one of the most valued concepts by industry due to its ability to drive the competitiveness of companies. However, firms frequently forget or assume they already understand consumer perceptions (CP), and the latest technology may not always be the best response to their needs.

Thus, the role of marketing specialists (MS) emerges as a determining factor that intervenes to guide the role of product development engineers (PDE) and support the decisions of senior management (SM) in innovation-oriented products and services (IOPS), which will require an innovation management system to effectively connect them.

This work aims to show interested readers, whether from academic or professional fields, who are starting their innovative project, a systematic and managerial model called DIPSV (Development of Innovation in Products and Services Based on Value). This model will help determine how to detect consumer needs and the procedures needed to create an IOPS proposal that aligns with the business's mission and vision and positively impacts consumer perceptions (CP), considering the market to which the proposal is directed.

Advice 1: Do not go to market if you do not truly understand the needs of your customers that your IOPS satisfies with value (See Chapter 1).

One common mistake entrepreneurs make is not knowing and understanding their competition, so it is vital to identify them and magnify their impact when introducing the IOPS, utilizing different available software resources.

Advice 2: Do not go to market if you do not know the competitors of your IOPS (See Chapter 2).

It is important to recognize that the organization has limitations in financial, human, technological resources, and even environmental constraints (political, economic, social, organizational, environmental, etc.) to meet customer needs. However, it should also define the scopes that various voices will require, such as the voice of the consumer to determine product attributes. Both documentary and field research should be conducted to specify the needs and attributes of the IOPS being designed.

Advice 3: Do not go to market without having listened to all the attribute requirements of the IOPS from your customers (See Chapter 3).

At this point, with the previously identified attributes of the IOPS, take a moment to apply creativity. As a member of the SM, engage your MS and PDE teams to apply various creativity techniques (more than 65 described here) both individually, in groups, and collaboratively, which are supported by different software resources provided in this work.

Advice 4: Do not go to market without designing your IOPS creatively (See Chapter 4).

However, creativity alone does not ensure the success of your IOPS, which at this stage is only an invention. You must ensure, through various innovation techniques, that your IOPS is economically viable. Your IOPS should include a price-value assignment process compared to the competition, customer retention costs, element costs, system costs, organizational costs, marketing costs, etc., and understand at which stage of the innovation diffusion curve it will be in the market (innovators, early adopters, late adopters, and/or laggards) or at which part of the product life cycle curve it will be when entering the market.

Advice 5: Do not go to market unless your IOPS is indeed an innovative proposal (See Chapter 5).

Moreover, as MS_PDE_SM, you should include assessments particularly in two areas: an assessment of what the company expects regarding CP and how our brand should reflect both objectively and subjectively in the design of every IOPS.

Advice 6: Do not go to market without having an idea of what your brand should reflect through the IOPS (See Chapter 6).

An assessment of the company's human, financial, and technological resources and even the environment to determine the feasibility of fulfilling an IOPS worthy of meeting customer needs.

Advice 7: Do not go to market without reviewing if the company can design, manufacture, and/or market the IOPS at an appropriate price-value (See Chapter 7).

The entrepreneur should remember that they are not entirely alone, as various public entities can support potential financing both federally and locally (even the internet is a great option), so it should be considered.

Advice 8: Do not go to market without knowing the financing of your IOPS beforehand through friends, family, and very close friends (family, friends, and fools—not banks) (See Chapter 8).

As a result of the above, the MS_PDE_SM should be able to conduct positioning and risk mappings for strategic decision-making.

Advice 9: Do not go to market without the ability to measure your IOPS's competitive positioning and risk (See Chapter 9).

Every IOPS should consider protection at the brand, patent, utility model, and copyright levels.

Advice 10: Do not go to market without having protection over your IOPS (See Chapter 10).

It is highlighted that the design, manufacturing, and marketing of an IOPS is a cyclical process, as determining the IOPS’s position in the product life cycle requires a cyclical and preventive review of the business plan for updating, review, and determination of a new IOPS cycle.

Advice 11: Do not go to market without a consolidated business plan (See Chapter 11).

Finally, we have the new potentials that artificial intelligence (AI) is bringing, from capturing consumer styles to consumption habits, allowing for more precise characterization through the collection of multiple data, leading to better development of innovative products and services.

Advice 12: Do not go to market without a prototype based on artificial intelligence (See Chapter 12).

Therefore, the content of this work is broken down as follows, based on the explanation of the chapters: Chapter 1. Consumer needs, value, business model, and market detection. Chapter 2. Competitor analysis. Chapter 3. Voice of the consumer in generating IOPS attributes based on their characterization. Chapter 4. Creativity. Chapter 5. Innovation. Chapter 6. Voice of the consumer and marketing in generating IOPS attributes based on brand characterization. Chapter 7. Voice of the firm, requirements, and technology in evaluating IOPS and brand attributes. Chapter 8. Sources of financing and financial analysis for the success of IOPS. Chapter 9. Strategic mapping of IOPS. Chapter 10. Industrial property. Chapter 11. Business plan. Chapter 12. Software platforms for designing IOPS.