In order to develop new products and services, a company must understand its target market's needs and wants. If they do not identify the needs and wants, what can be the results of any innovation initiative?

In order to develop new products and services, a company must understand its target market's needs and wants. If they do not identify the needs and wants, what can be the results of any innovation initiative?

Principles of Management

OER 2019th Edition

ISBN:9780998625768

Author:OpenStax

Publisher:OpenStax

Chapter18: Management Of Technology And Innovation

Section: Chapter Questions

Problem 3CRQ: What are the five Cs of managing innovation, and how do they help direct a firms innovation...

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Product and Service Classification

Classification of goods and services categorized between industry and customer goods is known as Product and Service classification. It is based on brands, quality, and quantity which companies deliver to the concerned client. Industrial goods are produced for industrial work, whereas consumer goods are produced for personal consumption by the customers. Marketing and sales need technological methods, a healthy environment, proper market strategies, marketing environment in terms of productivity and profit.

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