Training Resources for:
Developing New Products and Services
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Developing New Products and Services If a company’s products and services are its most important output, then the design and development of these outputs is one of the more critical strategic functions in a firm.
Developing New Products and Services: Driving Profits by Understanding (and Delivering) What Customers Care About will provide you with an understanding of the design process and will help you generate the insights you’ll need to manage it successfully. The program will also demonstrate how the design process can apply to products and services of all types, whether large or small, and whether intended for external customers or internal users.
Using an actual hands-on design and development project during the two-day program, participants will gain exposure to the skills needed to make informed decisions about design-related issues. They will participate in a cross-functional design team and be required to practice making the synthetic and subjective tradeoffs between the economic, marketing, operational and social values inherent in products and services. This program is foundational for participants with an interest in understanding the development of both products and services in the financial services industry.
WHAT YOU WILL LEARN:
Upon completion of the program participants will
� Understand how design adds value in the financial industry
� Know how new products are developed
� Possess improved collaborative and interdisciplinary problem-solving skills
� Have experienced a complete design, develop and prototype process
Product Planning
- Developing a product and service portfolio
- Understanding the value of development road maps
Understanding User Needs
- Need-finding and discovering latent needs
- Observing and interviewing potential users
Opportunity Identification
- User-based design as a means of differentiation
- Assessing the value of satisfying a user’s need
Setting Specifications
- Defining the metrics for success in finance industries
- Using specifications to keep development groups on track
Concept Generation and Testing
- How to generate ideas for solving needs
- Rapid testing and assessing of product and service concepts
Prototypes and Prototype Strategy
- Creating quick-and-dirty tools for reducing uncertainty
- Models for prototyping service ideas
Market Launch
- Creating launch plans to encompasses all organizational functions
- Gathering early-stage feedback from consumers and users A Classroom course provided by Vanderbilt University Owen Graduate School of Management in Nashville, Tennessee, United States
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