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8. new product development




We‟ve already talked about market their business identify innovative new directions for their
research, and what role social media can innovative new market companies. Cisco set up a program that
play to help streamline and strengthen opportunities, and even assist awarded the winner of their challenge (to
customer development. There are several with development of new find a $1B opportunity) with a $250,000
other ways that social media can be used to product concepts. cash prize. By leveraging the reach of social
directly impact the product development media, these companies have been able to
process. harness the brain power and innovation
Market leaders like SAP (software) and
from minds that exist well outside the walls
Cisco (hardware) have recently completed
of their building.
Some companies have started programs where they leverage social media
to leverage a public pool of to draw upon the collective wisdom of
collective brainpower to help crowds to identify new products and

11

Published in: Business, Technology
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