Innovation, New Product Development and Why Do New Products Fail?

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Submitted By Rakshitha
Words 3413
Pages 14
Innovation:
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 * Capturing value from innovation * Development process design * Product and service leadership * R&D organization and teams * Managing complex technical projects * The future of design process and culture
The development and market introduction of a new, redesigned or substantially improved good or service. might include a new product's invention; technical specification and quality improvements made to a product; or the inclusion of newcomponents, materials or desirable functions into an existing product.

Meaning of New Product Development:
Product development is a broad field of endeavor dealing with the design, creation, and marketing of new products. Sometimes referred to as new product development (NPD), the discipline is focused on developing systematic methods for guiding all the processes involved in getting a new product to market.
New product development (NPD) is the complete process of bringing a new product to market. A product is a set of benefits offered for exchange and can be tangible (that is, something physical you can touch) or intangible (like a service,…...

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