Innovation, new product development and why do new products fail?

Satisfactory Essays
Product innovation is the creation and subsequent introduction of a good or service that is either new, or improved on previous goods or services.
Product innovation is defined as: the development of new products, changes in design of established products, or use of new materials or components in the manufacture of established products[1]
Thus product innovation can be divided into two categories of innovation: development of new products, and improvement of existing products.
Systemmatic Innovation of Products includes:
Technology strategy
Design thinking skills
Customer needs analysis
Systematic creativity methods
Market and pricing strategy
Design for environmental sustainability
Design of services
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Trade offs includes time to market, Production cost, Deliver customer benefits and Development costs.
All else equal, a product will be more profitable if it delivers customer benefits better, is faster to market, costs less to produce, and costs less to develop trade offs puts research on product development tools and methods into perspective. Research should be directed to assure that: (1) the firm is operating on the efficient frontier with respect to each of these strategic goals, and (2) the firm is making the best tradeoffs among these goals. Research must recognize that there are tradeoffs along the efficient frontier. For example, if wefocus on just two of the many goals of product development, then the efficient frontier suggests that there are tradeoffs between customer satisfaction and platform reuse. A firm can becometoo committed to either. For example, the significant reuse of components in platforms, software, and designs may get the product to the market faster and reduce development costs1994), but the firm may sacrifice the
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