chapter2 Developing an innovation strategy.pdf

Part II
Key requirements for essful product
development
Product development is the key to the future in the business strategy. In the
business strategy, the pany management signifies the changes necessary
for pany’s future survival and growth and from this can be identified the
basis for product development. The future is what product development can
provide, delivering new products by the least risky, most efficient process to
carry the enterprise forward. It must harmonise with the pany
activities as it delivers the new. Therefore it has to be an integral part of the
business strategy with full support of top management and cooperation from
management in all areas of pany.
Product development builds systematically from the resources and within the
constraints of the business, progressing through four key stages towards a
satisfied market. The product development process is the system that integrates
the activities in the four stages and its efficient and anisation is one
of the major factors ensuring ess in product development.
All of product development is underpinned by knowledge – of the product,
market, production, distribution, consumer and society. The more extensive,
complete and accurate the knowledge, the greater the probability of a good fit of
the new product to the business and the market. So the fullest, practicable,
exploration of existing knowledge is important early in the product development
process. This knowledge is extended by information from outside pany,
and by creation of new knowledge inside pany.
The consumers are an integral part of all product development projects, even
in industrial marketing where the immediate customer is the food manufacturer
or food service outlet. The product is built around what the consumers need and
want, and their behaviour in buying, using and eating the product.
44 Food product development
The four important facets of understanding product development are the
place of produc