Principles of Managing New Product Development
New Product Development Should Be Strategic
Every business opportunity or problem in which new products play a role will be unique to the situation at hand. The timing, business environment, consumers, competitors, other major stakeholders, and organizational resources represent sets of factors that may be so idiosyncratic to a new product situation that relying on general prescriptions for success can be fatal for the new product. Managing under situational circumstances requires a kind of strategic intellectual scope and agility that facilitates response to uncertain and unexpected conditions—yet does not stray from the core business strategy without sufficient analysis. Building this strategic intellectual capability into an organization's daily life should become a guiding principle in managing new product development
Every business opportunity or problem in which new products play a role will be unique to the situation at hand. The timing, business environment, consumers, competitors, other major stakeholders, and organizational resources represent sets of factors that may be so idiosyncratic to a new product situation that relying on general prescriptions for success can be fatal for the new product. Managing under situational circumstances requires a kind of strategic intellectual scope and agility that facilitates response to uncertain and unexpected conditions—yet does not stray from the core business strategy without sufficient analysis. Building this strategic intellectual capability into an organization's daily life should become a guiding principle in managing new product development
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