Managing and Applying Innovation in New Product Development - Strategies and Initiatives

Companies require introducing new products in the market and manage product innovation properly to remain ahead in the competition. Innovative firms should adopt a customer-centered approach towards managing innovation. They require understanding individual differences of customers in their readiness to accept innovation and roles of product characteristics in adoption of innovation among customers. Managing innovation requires collaboration and proper coordination. Top management support is imperative for new product development. Firms should adopt an approach of team-based innovation. Also, firms should handle innovation in a systematic rather than in a haphazard manner. Innovative companies should also consider opportunities during turbulent times and invest wisely to utilize those opportunities. Firms may also benefit by targeting individuals at the bottom of the pyramid with innovation. Companies require considering all these approaches towards managing innovation in new product development to perform and excel in the competition.