Managing and Applying Innovation in New Product Development - Strategies and Initiatives: Managing and Applying Innovation in NPD

Managing and Applying Innovation in New Product Development - Strategies and Initiatives: Managing and Applying Innovation in NPD

Pratap Chandra Mandal (Indian Institute of Management - Shillong, India)
Copyright: © 2019 |Pages: 10
DOI: 10.4018/IJRDIS.2019070102


Companies require introducing new products in the market and manage product innovation properly to remain ahead in the competition. Innovative firms should adopt a customer-centered approach towards managing innovation. They require understanding individual differences of customers in their readiness to accept innovation and roles of product characteristics in adoption of innovation among customers. Managing innovation requires collaboration and proper coordination. Top management support is imperative for new product development. Firms should adopt an approach of team-based innovation. Also, firms should handle innovation in a systematic rather than in a haphazard manner. Innovative companies should also consider opportunities during turbulent times and invest wisely to utilize those opportunities. Firms may also benefit by targeting individuals at the bottom of the pyramid with innovation. Companies require considering all these approaches towards managing innovation in new product development to perform and excel in the competition.
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2. Organization’S Readiness To Adopt Innovation

Organizations should be willing and ready to adopt innovation (Rubera & Kirca, 2012). Top management support is required for innovation. Innovation demand financial, human, and other resources on a regular basis. This is not possible without support from the top management who are involved in making such decisions (Mansur et al., 2019). Organizations also require encouraging innovators. The innovators would want to identify firms who would be willing to adopt their innovations (Kahn, 2018). Adoption of innovation is associated with a number of variables in the organization’s environment (community progressiveness, community income), the organization itself (size, profits, willingness to change, pressure to change), and the administrators (education level, age, sophistication) (Jhang et al., 2012). Other factors in the external environment may also affect an organization’s willingness to adopt innovation. These factors may include funding received from the government and competition from firms in the industry (Aboulnasr et al., 2008). A controversial or innovative product may also be eliminated because of negative public opinion.

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