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What challenges does company face in developing new products and services
The innovation imperative
THE
INNOVATION
Imperative
Must identify and quickly seize new market
opportunities .
Allow every member to experiment and
even fail.
Need positive attitude
towards
Innovation and risk taking
Continuousinnovationisnecessary.
Some companies failsto develop new products
Why??
BECAUSE
Companies fail toidentify
hidden assumptions and
ignored processes that can
change company business.
Company leave existing offering vulnerable to change
Customer needs and taste.
Fail to execute
innovative
ideas
How new product succeedin Market??
Companymust focus on incremental
innovation.
Target new customer
->Creating
solutions for
industry wide
problems
-Create
disruptive
technologies
Carefullyassessingtarget
market, Product
requirements and benefits.
What challenges does company face in developing new products and services
90% of the Experimentaldrugs are unsuccessful
Failure is inevitable part of
discovery.
What challenges does company face in developing new products and services
Ignored market
research
Overestimates
of market size
High
development
cost
Poor
design
Incorrect
positioning and
advertising
Social
governmental
and economic
constraints
Fragmented
market
Cost of
development
Shortage of
development
time
Poor launch
timing &
Organised
support
Recap:
 Innovation Imperative
 Companies fails to develop new product
 New product success
 New product failure
 Reasons for failure
Credits:
 www.google.com
 www.flickr.com
 www.elmerdiola.com
Created by:Ishwarkumar Teggi,
Siddaganga InstituteofTechnology, Tumakuru
During anMarketing Internshipby
Prof. SameerMathur,
IIMLucknow.
(See:www.IIMInternship.com)
What challenges does company face in developing new products and services

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What challenges does company face in developing new products and services