After watching the Youtube video, please write a 2-page summary of insights you gained from it. Include how the insights apply to project management and how you might apply the insights in your organization/discipline.
I’m in the engineering field.
The video highlights some of the innovation strategies companies use to remain competitive in the market world. The most aspect stressed by Clayton Christensen is creating products which assist the customers to solve some of the day job issues. I gathered some insightful information from Clayton talk concerning marketing and creating products that reflect consumers’ needs and preferences. First, Clayton teaches us the importance of having a market segment for the different products of the company. Studying the various segment will assist the company in identifying some of the problems customers face and come up with a product that satisfies their want. The best example he gave is concerning the milkshake product consumed by several clients. The punch line point of the presentation is about how the milkshake solves some of the problems clients face. I learned that working class people have little time to eat and would mostly prefer something to hold the stomach for a while. The company selling the milkshake discovered the problem people faced, especially in the morning and developed a type of milkshake to sooth the client needs and take him/her to the work station for a while as he/she seeps through the straw. From the video, I learned the essence of segments as they assist in understanding customers’ demographic distributions and demand patterns. The other point focused on competitors strategies like looking into their sales volume and products they sell. Capitalizing on the weaknesses of rival companies is an edging strategy a firm could apply. The availability of space and time is a business gap which companies can exploit to attract customers. According to Christensen, people have the fear of queuing to buy foodstuffs; thus by having the clustering and classification of products, provides the opportunity for buyers to make quick decision to purchase the item and leave the shop or restaurant immediately to create room for others. Clayton has recognized the importance of getting information from consumers in regard to the product companies sell. The feedback data obtained from the client is critical in the improvement of the product to suit the client specifications. By improving the product based on clients’ feedback, more customers will flock to enjoy new benefits of the item.
In project management, time management is of great importance. As reflected in the video, having the right products for certain jobs, aid in the process of managing time. Clayton used the example of milkshake that people use in keeping themselves busy while they drive to work in the morning. The concept is applicable to projects, as the right personnel team is needed in executing decisions to make the project succeed on time. Being in the engineering field, I believe innovations form the core part of project management. The same way people innovated a strategy of keeping themselves busy by drinking milkshake on one hand and driving, is similar to having innovative team members who have what it takes to fully complete a project. According to Nicholas & Steyn (2012), project time management is crucial in ensuring a project is completed within the specified period with the available resources. Additionally, having a network diagram for the project forms the guideline of ensuring the project is finished at the earliest time. The milkshake is a representation of the appropriate commodity used to solve people job matters; thus will use the concept in my organization to create innovative ideas through brainstorming sessions to assist solve some of the engineering projects problems arising.
Innovation Summit ’09, Clayton Christensen (Clip #4, TechPoint). (2009). Retrieved from https://www.youtube.com/watch?v=s9nbTB33hbg&feature=youtu.be
Nicholas, J. M., & Steyn, H. (2012). Project management for engineering, business and technology (4th Eds). New York: Routledge.