Crafting a Winning Product Innovation Strategy
In today's competitive landscape, the amalgamation of employees, consumers, streamlined company processes, and innovative strategies stands as the cornerstone of a thriving business ecosystem. Central to this success lies the formulation of a robust product innovation strategy, a framework that comprehensively encapsulates the products offered by a company and their contextual environment. Importance of a Product Innovation Strategy An organization, despite possessing a clear-cut business strategy, falters without a well-defined product innovation strategy . While salespersons cater to the immediate needs of major clients and business heads target specific markets, the R&D teams and engineers delve into emerging technologies. A successful strategy integrates these diverse perspectives. McKinsey reports that 80% of business professionals perceive their current business models as susceptible to disruption, highlighting the imperative role of product innovation in their growth str