Hello! …and welcome to the Week 7 Update of Mayo615’s Odyssey to France, and how to transform Big Ideas into Big Realities.
The concept of a Total Product or Complete Product is essential to product success, particularly in an emerging new company. This concept was pioneered by Harvard Business School professor Ted Levitt and later updated and adapted to the high technology industry by a group of us at Intel. Engineers commonly believe that when their product development is finished, the product is ready for market. Nothing could be further from the truth. The engineering “deliverable” is not a product. It must be surrounded by a number of other intangible value items before it is a Complete Product. In Levitt’s model, these items are the augmented product, the expected product, and the potential product. Our Intel model, shown here, is more detailed but essentially very similar.
I again want to direct you to my website mayo615.com and my post there entitled Specsmanship. In this post, I discuss the maturation of the smartphone market. At the height of the iPhone versus Android battle, consumers were driven by a frenzy of perceived intangible value, I called the smartphone “Star Wars” phenomenon. In addition to the current product, competitors were offering the expected next product and a future potential product, which motivated consumers. Eventually, as in all markets, this complete market model deteriorated into “Specsmanship,” small differences which offered less product differentiation and perceived value, and a decline in sales. To the maximum extent possible, emphasizing a product's intangible value and completeness should be the goal.
That’s my technology update for this week. We look forward to your comments and questions. We will respond to all comments and may feature comments in our update videos. If you like what you see here, recommend us to others and click here now to SUBSCRIBE
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