Design a New Product

1. Become familiar with the company’s core competencies and current product offerings. How does the company categorize and organize their products? How do these products compare with competitors?
2. Assess the company's product roadmap and goals for new product development. Who are the critical stakeholders (including internal and external)? Brainstorm and ideate product development ideas with the team. Identify the potential market opportunity and clearly define the problem. Propose 2-3 new product ideas given the company’s current product portfolio and desired goals.
3. Select one product for further development. Is this a similar customer base to the company’s original product or is this product for a new market entirely? Collect user feedback on the idea and/or any prototypes/drawings.
4. Develop official target audience personas for the new product. Explain why these personas are potential customers and why you feel these groups present a reasonable market opportunity. Write user stories to detail why users need the product to solve a problem or accomplish a goal.
5. Create a product roadmap including assessment of time, budget, and resources required to get the product to market.
6. Create a prototype of your design: the prototype could either be a drawing, digital asset, or physical mock-up.

• Design New Packaging

• 1. How is the packaging currently designed? What are the basic materials that go into the packaging? How does the packaging impact the manufacturing and distribution process? What does the packaging cost as-is? How does the packaging compare with industry peers?
  2. How do the current customers feel about the packaging (or unpacking) experience? What did they like about the experience? What do they feel could be improved?
  3. How does the company’s packaging compare to industry peers? What best practices can be adopted from similar companies to improve the unpackaging experience?
  4. Suggest 1-2 specific packaging improvements for the company’s product. Analyze the impact these changes would have on required materials, vendor relationships, the manufacturing and distribution process, and overall cost.
 

• Design Product Extension

  1. Assess the company’s product portfolio over time.
  2. What products are ripe for new additions or complete reinventions?
  3. What product extensions can you think of with your group?
  4. Select one product for further assessment. Assess the potential cost, benefit, and impact of adding your proposed product extension.

We've included some sample project ideas below. We encourage users to mix-and-match components from various departments for the best cross functional project experience. In all cases, we customize the projects based on company goals and student learning objectives.

• Raw Materials Audit

  1. What raw materials are being used? Where are they getting the raw materials? How is the relationship with these suppliers? How do current key stakeholders feel about these raw materials and/or suppliers?
  2. What is the cost of raw materials? How does this compare with other suppliers?
  3. Explore potential new raw materials providers. Do any of them present potential benefits for the company (improved quality or reduced cost)?

• Manufacturing to Distribution Process Mapping & Improvements

• 1. How does the company get their products to distributors?
  2. How is the company currently manufacturing the products?
  3. What is the process of preparing the final goods for distribution?
  4. How does the distribution system work? How long does it take to get from destination to destination?
  5. Can any of this be automated or optimized? This about increasing efficiency and/or reducing costs.

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  Distribution System Testing

  1. How does the company distribute their products?
  2. How reliable are the distributors?
  3. How far-reaching are these distributors?
  4. Are there better potential distributors? What about potential new distributor relationships?

New Distribution Partner Assessments

1. Understand the current distribution partner relationships. Map out how products get to end customers and in what quantities.
2. Assess potential new markets for the product. What regions seem the most appealing? Why? Select one region and make the case why this is the most ideal region to enter.
3. What distribution partners would be able to help you reach your selected region? What other products are they distributing?
4. How does entering this new region impact revenues and costs?

• Industry Sales Benchmarking Assessment

1. Familiarize yourself with the company product and business model.
2. Create a comprehensive list of key competitors and industry stakeholders that sell similar products and/or services. Compare your host company with competitors in the following areas: pricing, features, services, regionality, customer demographics, etc.
3. Who are the biggest competitors and how do they stack up against the company's performance? What do the biggest competitors in the space tell you about the industry?
4. Do any companies present interesting opportunities for partnerships?
5. What additional channels can the company tap in order to scale more effectively?

• Sales Process Assessment

1. How has the company’s business model change over time? What has changed about the product, service, and team?
2. What is the current status of the sales process within the company. Do you think this is more or less effective than previously? How does the team feel about the sales process and overall performance?
3. Where does the company hope to be in 1-3-5 years from a sales perspective? How will the sales process, team, and structure need to change in order to address these changes?
4. How satisfied are the current customers with the product or service?
5. Craft a survey and administer customer interviews to help identify where the company can improve. Pay close attention to how the company may be able to provide additional value to existing customers.

• Prioritizing Sales Initiatives

• 1. What is the company’s sales strategy? How many different lines of business exist? Are they separated by different products and services or divisions?
  2. What lines if business are providing the most revenue for the company currently? How was this book of business built originally? How does the company expect for this to grow over time?
  3. What new sales opportunities are on the table? Is the company prioritizing this sales initiative? What do you think the potential is for this new line of business?
  4. Are there alternative ways to sell that the company hasn't considered? Would they be more effective? What data do you have to support your reasoning?
  5. How would you prioritize the sales team’s time and resources with regards to the sales plan?

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  Inside vs. Outside Sales Strategy Assessment

  1. What’s the difference between an inside and outside sales strategy? What has the company tried to-date? How effective was that process? What types of results did it yield? What resources were required? Can you measure the ROI and growth rate?
  2. How could you adapt the sales process to include either more inside OR outside sales tactics?
  3. How would you go about implementing this sales strategy? Do you think it would produce better results?
  4. What goals would you set for the new team over the next 3-6 months and/or 1-3 years? How would you measure success?