7. Win Through Product Innovation
7. Win Through Product Innovation
A frequent exhortation is "Innovate or Evaporate." True, some great innovative companies, such as Sony and 3M, have earned substantial prof¬its by introducing superb new products. But the average company has not fared well in its new product introductions. The new product failure in branded consumer packaged goods is still around 80 percent; in the industrial goods world, it is around 30 percent. A company's dilemma is that if it doesn't introduce new products, it will probably "evaporate"; if it does introduce new products, it may lose a lot of money
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A frequent exhortation is "Innovate or Evaporate." True, some great innovative companies, such as Sony and 3M, have earned substantial prof¬its by introducing superb new products. But the average company has not fared well in its new product introductions. The new product failure in branded consumer packaged goods is still around 80 percent; in the industrial goods world, it is around 30 percent. A company's dilemma is that if it doesn't introduce new products, it will probably "evaporate"; if it does introduce new products, it may lose a lot of money
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