February 2011
Contents Product Innovation 1. Introduction 1. Introduction 2. What is Product Innovation? Companies increasingly recognise the need to develop
3. Why Should Business products that are attuned to local needs, in order to reach Pursue Product out to new markets. Product development comprises Innovation? product design, among others, and includes the development of a new product, along with the plans for its 4. Key Elements of an production, distribution and sales. In turn, product Innovative Company development is a component of the product innovation 4.1. Company “Fitness” process. Product innovation encompasses all activities that 4.2. Agility and Leadership in the Company precede the adoption of a new product in a market.
5. The Product Innovation Process 5.1 Innovation Strategy 2. What is Product Innovation? 5.2 Monitoring Technologies and Markets 5.3 Management of Ideas Product innovation is the development of new products, 5.4 Business Case and changes in design of established products or the use of new Project materials or components in the manufacturing of established products. In simpler terms, product innovation 6. Challenges in Product involves the creation and subsequent introduction of a Innovation product which is either new, or improved version of a 7. How Can Companies previous product. Innovate Successfully?
Case Studies Innovation at 3M Knorr: A Revolution in Stock 3. Why Should Businesses Pursue Product Trek 2000 International Ltd: Innovation? The Inventor of ThumbDrive® Innovation is vital for businesses, as it allows them to gain a significant competitive advantage. It is also seen as a Recommended Readings “company’s ticket for the markets of tomorrow”, as well as References increases the value of a business in comparison to its competition.
Please note: This Productivity Link is provided Understanding and meeting their customers’ needs are key as part of our Productivity elements for businesses. Hence, a cutting-edge product Information Services to Members. innovation may be a key to a successful and profitable Members are reminded not to business. Product innovation may also contribute to disclose, disseminate or distribute sustaining business growth, and helps to satisfy the the information to any other party. evolving customer desires, needs and wants. No part of the information may be reproduced in any form or by any means whatsoever, including by information storage and retrieval systems.
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Some of the benefits of product innovation are;