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Viability of Investing in Innovative Product Development.A Perceptual Study on Managers Across Industries.

By:   •  December 26, 2014  •  Essay  •  891 Words (4 Pages)  •  1,238 Views

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In this Article we are going to discuss the ‘Viability of investing in innovative Product Development'. Innovation is the development of new attributes, values which meet the requirement of the consumers or satisfying old customers by adding value to the product. Innovation is different from Improvement, innovation focus more on doing different or new rather than doing something better.

When it comes to innovation in product development, Production is the process of producing goods, there are different types of production process which the company obtain in accordance to its nature and requirement of the consumer.

Innovation is not only restricted to adding values to product but can be also used for development, i.e bringing innovation to the product development in order to generate more revenue. In this article our major focus will be on checking that investing in expansion, innovation or transformation of a product results in increasing or generating more customer's, values and revenue.

The concept of bringing innovation to the product development is not new concept, it is very same old concept in which people after some time try to bring expansion to their product, so as to satisfy their old customer's current needs, diversifying to look different from their competitors, because today's competitive environment is very hard to survive, you have to come up with different strategies and new ideas to grab customer attention, because it is being assumed that brining innovation is the key success factor in the process of the product development as by doing so the business have gains a competitive edge over its competitors and can enjoy profits only from the basic idea of the innovation.

In this article however the major focus is on bringing innovations, because it is been proved that bringing innovation is the key factor to success in the process of the product development, Organization which follow this concept had always an competitive advantage or upper hand over its competitors.

This study comprises of two main factors importance of investing in innovative product development, we are going to work considering these as two variables for e.g. the expansion, innovation, creativity results in greater profit, sales and generating big revenues.

This relation helps the innovator to think and bring new ideas and creativity to the product environment, and this research, we also going to conduct a detailed study on managers across industries to see investing in bringing innovation to the product development results in greater sales or not, we going to work considering two variables for e.g. the expansion, innovation, creativity results in greater profit, sales and generating big revenues.

Management of the products have become a vital part of the organization because of the rapidly changing environment, and shorter product life-cycle, quickly moving towards declining because of the competition and global competition or moreover how your business spend their money on resources is permanent for success of the business

The another related concept is New product development NPD, it emphasizes on continuously producing new products in the market with indulging new ideas, so as to occupy the consumer's psyche and build a image on his mind for your brand.

For the company the decision making is the difficult part, especially the decision of whether to make

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