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Monetizing Innovation : How Smart Companies Design the Product Around the Price (Hardcover) (Madhavan
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The book explains how most companies get sidetracked by Product-Driven Thinking and how to innovate by starting with the price customers will pay, and creating the product for that price. It will present a process that Simon-Kucher & Partners has used to help dozens of others avoid innovation failure by making pricing and marketing their guiding light throughout the product development process.
This book will also explain the following 4 common red flags:
- Feature Shocks – Product concepts overloaded with features and functions, the result of trying to serve too many customers and customer needs because the core customer and need has not been nailed down. That makes the product costly to produce, forcing it to be overpriced.
- Dead on Arrivals – Products that hit the market dead on arrival because they are the wrong answer to the right market need, or the right answer to the wrong market need (i.e., one that very few have), at a price the market will not bear.
- Minivations – Products that fall short of their potential and the company’s expectations
- Hidden Gems – An internal failure to recognize and commercialize a truly breakthrough product under development because the market or consumer need has not been thoroughly explored.