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An Entrepreneur's New Product Development Journey gauri nanda
- 1. An Entrepreneur's New Product Development Journey Harvard Case: Nanda Home Group Presentation:- Ankit Garg Gautam Jain Madhur Jain Ruchi lath Rahul Bohra Harshit Chandwani
- 4. Clocky
- 6. CLOCKY – CASE STUDY INTRODUCTION : - • One of the best technological breakthrough in clock business which revolutionized the market. • The last innovation that changed the clock business was made by General Electric – Telechron in 1950’s. • Clocky spread like a virus in the United States market. •It was just like an iPhone providing both function as well as fun
- 7. Design of the clocky is very unique as compared to other alarm clocks. It has been outfitted with wheels which cannot be found in any other alarm clocks. Hides in order to force the owner to wake and find it. Technology used in clocky was new to each and every person. Even to those clock companies which were clocky’s competitor. Quality of clocky was a big concern for both Gauri Nanda & consumers. Clocky was made of plastic or chrome body which can be easily broken. Clocky was altogether a new product which was never been made before. So Gauri Nanda had an opportunity to attract consumers to buy clocky.
- 8. Clocky Sales by Channel (USD)
- 9. Online Purchase Data on Clocky Buyers
- 12. • According to Nanda, promising new ideas are born from need, and a belief that a new product or service can achieve desired outcomes that outperform previous solutions; they must be in some way superior to the present method.
- 13. • Nanda kept refining the concept and generating more ideas for the new “clock for kids”. • Nanda felt that the major advantage of Clockiddie, expected to retail between $39 and $49 USD, over the others, was that it would be interactive: a character that moved its body and arms on its own. The ‘lifelike’ quality of the product would behave as a companion, to lull the child to sleep
- 14. Resolving Trade-offs from Concept to Prototype • The original specification for Clockiddie required that his arms have two functions: (1) they move • on their own at bedtime to illustrate stretching, yawning and sleeping and (2) allow for manual movement, an interface for the user to set the time; moving the arms up would increase the digits on screen, and moving them down would decrease them.
- 15. TIMELINE TO LAUNCH • A summary timeline Nanda envisioned for moving from concept to prototype to final tooling is • given below: • Early Summer 2012: Product concept and design • Late Summer 2012: Initial factory visits • Late Fall 2012: Finalize Engineering and Prototype testing • Early 2013: Begin tooling • Spring 2013: Initial production runs and quality control • Summer 2013: Launch
- 16. PROTOTYPE • A common complaint made by parents of toddlers is lack of sleep. Clockiddie is a clock that helps children learn when it’s time to go to sleep, when it’s time to nap, and when it’s ok to get up in the morning. He’s a gentle companion, something kids trust and parents rely on.
- 19. The next generation of Clocky The ‘Pop Clocky’ concept was born. • The idea for ‘Pop Clocky’ literally popped into her head as she was thinking about what could retain some of the general attributes of Clocky – be functional in waking up people with snooze issues yet be funny about how it does so and create some emotional attachment— yet be much cheaper to produce.
- 20. Pop clocky – A New product from Nanda home
- 22. Reflections on the NPD Journey to Date • Focus and Flexibility • Embracing Serendipity • Facilitating Virality Armed with these insights, Nanda felt she was ready to continue her exciting journey of developing products and markets.
- 23. References i Matthew Hutson, “Teddy Bears Make You Friendlier—and Maybe Healthier,” The Blog, Huffington Post, April 30, 2012, http://www.huffingtonpost.com/matthew-hutson/teddy-bears-make-you- frie_b_1461916.html/, accessed February 2013. ii Nestor Lopez-Duran, “Bedtime Routines: More evidence and step-by-step guide,” Child-Psych, child- psych.org, May 15, 2009, http://www.child-psych.org/2009/05/evidence-for-bedtime-routines.html/, accessed February 2013. iii Mae Anderson, “Mom Blogs Drive $22B Toy Market,” The Fiscal Times, Associated Press, December 20, 2011, http://www.thefiscaltimes.com/Articles/2011/12/20/AP-Mom-Blogs-Drive-$22B-Toy- Market.aspx#page1, accessed February 2013. Iv “World Toy Sales in 2010 Were $83.3 Billion, An Increase of Nearly 5 Percent Over 2009,” NPD press release, June 20, 2011, on NPD website, https://www.npd.com/wps/portal/npd/us/news/press- releases/pr_110702/, accessed February 2013. And Wendy Goldman Getzler, “NPD: Overall global toy sales up by 5%,” Kidscreen.com, June 20, 2011, http://kidscreen.com/2011/06/20/npd-overall-global-toy-sales- up-by-5/, accessed February 2013.
Notas do Editor
- Abstract+ history of gauri nanada This case tracks the new product development process undertaken by Gauri Nanda, the founder and CEO of Nanda Home, as she ventures to innovate beyond her initial product launches. Having achieved commercial success with her first product Clocky, a roll away alarm clock that owners interacted with in a way they found functionally and emotionally appealing, and after two extensions of the line, Nanda thought it was time to design, develop and market another item that would solve an everyday problem with lifelike charm. She wanted to create a clock that would appeal to children and their parents by facilitating kids' going to sleep and waking up routines. However, there were several factors Nanda had to grapple with before she could commit to final manufacturing design and development. Did she conduct sufficient market research to verify the desire for the 'Clockiddie' concept and the features planned? Were her assumptions about parents and kids valid to suggest the product would be in high demand once launched? Could she keep a premium price point in a consumer market that was trending downward in willingness to pay? Should she cut back on differentiating features to reduce costs and price? Or could the product be engineered under current specifications to an acceptable cost of goods and retail price point? These decisions had to be made soon so that the product could be launched to meet the back to school buying period.
- You’ve always thought of clocks as things to get you out of bed. You didn’t consider that some should help keep us in (bed).’ She began brainstorming ideas to achieve this objective: the clock could alert the child when it was bedtime with message and movement, assist the parent by reading bedtime stories, and soothe the child by singing lullabies.
- ”. She decided that while much of the novelty in the clock would be in its bedtime roles, it should still be a major part of the wake-up process. For example, in the morning, the clock could sit up, stretch, yawn, say ‘good morning!’ and utter other messages, indicating to the child when it was ok to get up in the morning. Nanda’s hope was that the product could be designed in a way that would prevent the child from getting out of bed and waking up parents too early. It was this dual appeal, to parents and to kids, which kept guiding her design direction.
- Nanda felt that setting the time in this way would be a unique feature that could be illustrated via video and animation on the company’s website, as well as be another element for customers to talk about with others. Kids could enjoy it too, as it’s much more intuitive and interactive to set the time with up and down motion, rather than pressing a button. However, Nanda’s engineer explained that to employ this feature in the product, they would have to add extra components that would cost at minimum $.45 extra per product, which when multiplied by a factor of 4 for the typical retail markup, would add an additional $1.80 to the retail price. At this point, Nanda did not know what the COGS factory quote would look like for the full product, but she knew if they were over-budget, this would likely be one of the first features to go. She asked herself: “Would the user even know this was a feature of the product when they saw it sitting on the toy store shelf? Will it really help us sell more units since most people purchasing the unit are doing so only to get their kids to bed? Is this just a ‘nice to have’ but not a ‘must have’?”
- Explain the concept-The idea for ‘Pop Clocky’ literally popped into her head as she was thinking about what could retain some of the general attributes of Clocky – be functional in waking up people with snooze issues yet be funny about how it does so and create some emotional attachment— yet be much cheaper to produce. She knew the “rolling” part of her previous clocks made them more expensive to make. She wondered what could serve a similar purpose, still have some non-stationary element to it, but would be less complex. She imagined a two-part alarm clock design, a head and a base. The head would pop out of a base when the alarm went off. In order to turn off the alarm, the user would have to get out of bed, retrieve the head and place it back on the base. The act of placing the head back on the base would spring load it so that it was ready for takeoff the next morning. The engineering would be simple; a single motor would release a switch, which would activate a spring, loaded to propel the head up and out of the base. The remaining parts would be simple electronics and plastic, and the design could fall within a range of $5-$6 USD.
- As she sifted through cost estimates and re-design sketches for Clockiddie, Nanda stepped back to reflect on the lessons she had amassed throughout her multi-year journey of developing and commercializing new products. A number of insights stood out as she tried summarizing to herself what were some of the most critical factors to being a successful innovator. Focus and Flexibility: While it is very important to have a clear vision of products and markets you want to focus on when you start a company, you should be flexible to the notion that the actual product roadmap may be further defined and refined through an iterative and reflective product development process. You cannot be rigid. Embracing Serendipity: Flexibility also allows you to be open minded to those serendipitous moments when you come across a potential new product idea. Leverage unexpected creativity. Facilitating Virality: Emphasize simplicity, character, and differentiation to generate viral interest in products. Help create the market by using social marketing social spontaneity to your advantage.