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t be sending researchers into the field to debate price or performance, Gooz233。 adds, leadership means not getting mired in daily operations, or micromanaging every aspect of the development process. At the senior leadership level, there has to be a deep mitment to innovation as a source of growth. This is behindthescenes stuff the conviction felt throughout the anization that resources are there for new product development, they won39。s difficult for a new product to get the level of attention it needs to be successful, Gooz233。 says: There39。t in your petitor39。s product outstrips theirs. Of course, no one says product innovation is easy. According to studies, three out of four new product ventures fail in the marketplace。s also a good idea to plan for customer training in order to enhance potential for user satisfaction and as another potential source of ine. Customers are often willing to pay a little extra to get more from a new (or improved) product. Speed! Speed in product development is a distinct petitive advantage, Webb says, but use caution. Speed in development should never e at the expense of quality. The advantages are clearcut: responding to customer needs and beating petitors to market often result in success, particularly in higher profitability. Bear in mind that all products have a limited lifecycle, so getting to market first generally means sale revenues will be realized earlier and will last longer than imitation or me, too products. Speedy development and launch also increase the odds that the original conception is still in sync with customers39。t. 2 ? We will learn from failure. ? We will encourage creativity skills among all staff. ? We39。 and Nick Webb. In panies with a successful track record of innovation, senior management understands that the process involves a plex set of activities that cuts across most if not all business functions. Start with an indepth analysis of current marketplace conditions and move on from there to specific goals, Gooz233。s overall business strategy, according to Gooz233。 and Nick Webb, many businesses either expend too much energy generating a variety of new products (without necessary forethought, screening or testing) or too little energy (preferring to stay the course with their existing product line). Slow and plodding doesn39。 notes. As new products progress from idea to reality, all functions bee involved from manufacturing, supply chain and distribution to marketing and customer service. The process requires the pany39。t occur in a void. It must be tied to ongoing business priorities. Other attributes of clearlydefined new product goals: ? Guides selection of development projects ? Defines target markets, petitive strengths and weaknesses, and angle of attack in the marketplace ? Differentiates your new offering from the petition ? Offers staff a sense of direction and purpose Established goals help determine a schedule for pletion of projects, Webb says. They39。s culture must reflect a dedicated mitment to new product development. There should be a mon 8 language and framework for product initiatives. The project team should be able to access a prehensive database of ideas and customer research. People throughout the anization should be encouraged and rewarded for ing up with new, profitm