Company needs to innovate either incrementally or through completely new innovations to keep up with changing customer needs, shortened product life cycles, and increased competition. Some challenges to innovation include shorter development times, interim solutions being difficult, disruptive technologies, funding and partnership issues, government constraints, shortage of ideas, market research difficulties, high development costs, and risks of new product failure. Innovation is a necessity for companies to survive.

2. Company can

3. WHY

4. INNOVATE
OR DIE
• Changing Consumer’s Needs
• Shortened Product Life Cycle

5. INNOVATE
OR DIE
• Increased Competition
• New Technologies

6. Marketing PARTNERSHIPS
(funds)
Socio Economics & Govt. Constraints
Shortage of Ideas
Challenges In

7. Complete New
Innovation
Incremental
Innovation

8. Is variations on a Core Product

9. CHALLENGES:
Shorter Required Development Time
Interim Solution is Difficult
Disruptive Technology
Shorter Product Life Cycles

11. Causes……
• Market Research (fragment & size)
• Developmental Cost & Design

12. • Advertisement & Price Estimation
• Launch Timing
Causes……

14. CHALLENGESinNewProduct
Development
Innovation is
Necessity
Incremental
Innovation
New Product Failure