Innovation in Organizations and Management of New Product Development: Strategies and Initiatives

Abstract

Organizations should have a focus on new product development and innovation to succeed in the competitive business environment. The objective of the study is to understand how organizations manage new product development and innovation and try to integrate innovation in all processes. The methodology adopted is a conceptual analysis of various aspects of new product development and innovation in organizations. Organizations should understand the importance and relevance of innovation and should be ready to incorporate innovation in all processes. They may adopt different approaches viz. customer-centred approach, team-based approach, and systematic approach towards new product development and innovation. Organizations should understand how to achieve success in new product development and should adopt different strategies and initiatives. Academicians may analyze the various approaches towards innovation. Practicing managers will realize the importance of innovation. They will realize how to manage innovation and achieve business excellence in the long run.