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LACK OF STRATEGIC PRODUCT  INNOVATION

LACK OF STRATEGIC PRODUCT INNOVATION

As noted in OUR previous blog post the profile of a company is seen in the nature of the product the company offers,the nature of customers to which it make these available,the nature of the market segments in which these customers reside,and the nature of the geographic markets in which it operates.

G.P.S wishes to change the profile of renewable energy company in Nigeria ,we need to do so by the creation and commercialization of new products.During our research into the subject of product innovation.we noticed that most companies concentrate their entire product innovation effort on incremental or marginal improvements into existing products.This type of products  innovation is not strategic in nature ,since there is no attempt to change the look of the products the companies offers

Infact ,while working with companies considered to be the best at product innovation,we discovered that even these companies had difficulty in defining what a new product was,Thus our first area of investigation was to I identify the various  categories of new  products opportunities, Over time, we uncovered five categories  of new product opportunities 

THESE ARE-

*NEW TO THE MARKET

* NEW TO US

*PRODUCTS EXTENSIONS

*NEW CUSTOMERS

NEW MARKETS

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Read 57 times Last modified on Monday, 19 February 2018 16:56
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