Eli Lilly and Company Lessons Learned Essay Example

which will in turn uncover the targeted market.

Next: * Implement customer interviews to locate the greatest pain * Generate a heat map to visually represent where the worst pain lies * Spawn several hypotheses about targeted markets Second Phase: Visualize the result. Experiment with the targeted market hypothesis found in the first phase against a set of influences that provide value. Next: * Develop and sharpen a demonstration and product prototype. Third Phase: Institute credibility. Induce excitement in leveraged influencers (thought leaders, analysts, consultants, and editors) about your company, product, services, and prospects.

First Lesson Learned: Discover new opportunities Beyond question the difficulties that may arise if Eli Lily and Company were to change their way of thinking, transcending normal patterns of thought, and historically follow their ideas about what can be made possible. Eli Lily’s imagination does not hold the power to predict customer desires, but understanding their potential clientele will allow them success in understanding the products in which they must deliver. Christensen’s stated that discovering what has been discovered is significant to understanding what scope your product was contracted to do? (Christensen C. M. , 1999b). As much as Eli Lily and Company should know about what their customers are demanding to be successful. To be successful, Eli Lily and Company must follow these stages: First Stage: Test and observe actual customers performing the use of their product. During the test they should observe what the customer values and feels the product should consist of, starting with the most important aspects and how they should be prioritize. Second Stage: Determine the rewards of substitute products that customers could have

picked.

This will be a benefit in identifying who their competitors are and it will also allow Eli Lilly to open up altered social and emotional dimensions of the customer experience. Third Stage: After completing the identification of product requirements, ELI Lilly should back track to the lower left-hand corner of the Exploration Space Matrix for solutions and improvements that need to be founded on what is conceivable (Christensen C. M. , 1999b). Last Lesson Learned: Validate the Markets Eli Lily and Company has only one chance for success. Losing their edge is the first step in losing control of the market.

Eli Lilly and company must develop a process that is effective in identifying ongoing strategies models for assessing how customers and their requirements affect the market throughout the lifecycle of the product. Eli Lilly and Company must never stop concentrating on the customer and their needs (Adams R, 2002). Reference Adams R. (2002). A Good Hard Kick in the Ass: Basic Training for Entrepreneurs New York: Random House/Crown Business. Christensen C. M. (1996) Eli Lilly and Company: Innovation in Diabetes Care Harvard Business School Publishing, Boston, MA. Referenced on 05/19/2013. Christensen C.

M. (1999) Innovation and the General Manager Boston, MA: McGraw-Hill Irwin. Module 2 – Finding New Markets for New and Disruptive Technologies. (pp. 95-102). Referenced on 05/19/2013. Christensen C. M. (2004). HBS 9-696-077. Eli Lilly and Company: Innovation in Diabetes Care. Harvard Business School. Referenced on 05/19/2013. Romano, A. (2010), Eli Lilly and Company: Innovation in Diabetes Care. Retrieved on 05/19/2013 from http://www. anthonyromano. com/media/61821faed1a1e04bffff953effffe41e. pdf. Unger, B. (2013). Blackboard, Lecture 3, MET AD 741, Boston University. Referenced

on 05/19/2103.