COMMERCE 4MC3 Chapter Notes - Chapter 1: Innovation Management, Teamwork, Product Differentiation
28 Sep 2018
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Product innovation management, aka product planning, aka research and development or aka marketing. Management realizes that radical innovation is needed for the survival of business. Radical innovation is defined as, innovation that displaces or obsoletes current products or creates totally new product categories. Accelerating innovation and business growth through innovation are seen as the top challenges faced by tech. leaders. There little product differentiation that price-(cid:272)utti(cid:374)g takes a(cid:449)a(cid:455) e(cid:448)er(cid:455)o(cid:374)e"s (cid:373)argi(cid:374)s. When they have a desirable new item that we wont. The new products process is exceedingly difficult because it involves separate departments with their own agendas. New products fail at a rate of 40% not 90% that you hear (for both goods and services) The best firms getting winning products of time. Having too low failure rates means the products you release are too safe, may also have to do with industry. Goal: minimize dollar losses on failures and to learn from them.
