The introduction of a new product into the market usually finds the five steps idea or Hamel’s wheel innovation concept useful. The discussion to follow will identify and discuss the steps as well as show how they may be applied for a new product.
To start with, the steps, the first step is imagining which entails thinking of new techniques or methods of doing something or improving the existing methods. The second step is designing. In this step, the ideas need to be tested through a number of ways. The first one would be consulting with colleagues, clients or customers (ScieMce). Another way would be coming up with prototypes or models so that they can be tested for new ideas. The third step is experimenting, which involves analyzing whether the idea can be useful in a practical sense or not. The third step also looks at the financial value of the idea either through feasibility research or experiments. Additionally, there is the assessment as the fourth step of Hamel’s concept of innovation. Assessing involves finding out the weaknesses and strength of the idea that one intends to implement. Lastly, there is scaling as the final step (ScieMce). The last step involves putting in place resources as well as other new processes that would be used to commercialize the services or new products.
In regards to how the five steps may be applied to a new product, it is worth noting that all the five steps are essential for a new product. One must first envision how to either improve existing methods of producing services or come up with a new one that would be of high demand or value in the market. Secondly, designing would help to know the test or preference of customers while experimenting will come up with an estimated value that the new product would cost (ScieMce). It is also important to know both the strength and weaknesses that the new product is likely to face or have in the market. Such information would help to put up measures to overcome the challenges. Lastly, is scaling, which can be applied to a new product to ensure that it reaches consumers.
All in all, the discussion has identified and elaborated on Hamel’s concept of wheel innovation. Also, it has shown how the steps are applicable for new products.
Reference
ScieMce. (n.d.). Describe Gary Hamel's five steps in the wheel of innovation. Retrieved from https://sciemce.com/t/describe-gary-hamels-five-steps-in-the-wheel-of-innovation/585523
