Managing New Product Development: Strategies and Initiatives

Abstract

Companies should embrace innovation and introduce new products to succeed in the competitive business environment. The objective of the study is to underline the importance of innovation and new product development for company growth and to analyze the different approaches adopted by companies in innovation. Companies should develop a culture of innovation. The different approaches to innovation include customer-centered innovation, team-based innovation, and systematic innovation. Companies should realize the necessity of investing more in innovation and new product development during turbulent times and to target individuals at the bottom of the pyramid with innovation. The discussions will equip both academicians and practitioners to understand the different approaches in innovation better. Practicing managers may implement effective strategies and initiatives in their organizations to do better innovation and to achieve business excellence.