Use the Stage-Gate model (Links to an external site.) to develop a theoretical new product or service. Some of your businesses might be service based, so you may have to be creative in thinking about a new project. If you have any problems thinking of a product or service idea, please let me know and I’ll help you think of one. Here is another resource on the model. While you will not actually be creating a new product, you can still detail the requirements for each stage as well as the metrics you will use to make a decision to continue to the next stage or stop the project. Since this is a theoretical exercise, you can make assumptions while completing each phase.
In short, the Stage-Gate model has the following six phases:
Stage 0: Discover. In this phase, you think of a new product or service idea.
Stage 1: Scoping. This is where you evaluate the idea on its viability and marketability. A SWOT analysis is often used for this phase.
Stage 2: Building a Business Case. Further define the product, the manufacturing requirements, a project plan, and estimated revenues.
Stage 3: Development. A prototype or prototypes are developed.
Stage 4: Testing and Validation. The prototype is tested. If there is a problem, the team goes back to the development stage. If it works, the product can be prepared for Stage 5.
Stage 5: Launch. A marketing strategy is developed and the product is made available to customers.
How about a real-world example? Here’s a Stage-Gate approach from the Centers for Disease Control (Links to an external site.). Note how much more complex it is compared to the version we use in this course. It is included here just so you can get an idea of how much this model can expand and be used not only for product development but also project management. IT may also give you ideas of items to include in your Stage-Gate assignment.
Create a 5 slide presentation that outlines the different kinds of innovations described in the supplemental reading (product, process, and business model). You can supplement your description using chapter 9 from the Entrepreneurship e-book. On the fourth slide, provide a real-world example of each innovation type. On the fifth slide, describe how market research can be integrated in the Stage-Gate model.
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