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Innovation and new product development
Innovation has been referred to as the 'lifeblood' of an organisation. A company must continuously seek real product and marketing improvements in order to satisfy customers and fend off competitors. Innovation is most often associated with new product development. However, this is only part of the equation and innovation relates to changes in products, processes and practices.
Jansen (2000) defines innovation as: 'The commercialization of something new, which may be:
A new technology
A new application in the form of a new product, service or process
A new market or market segment
A new organisational form or a new management approach
Or a combination of two or more of these elements'.
Strategic Marketing Management
Many organisations are striving to develop organisational cultures that encourage innovation. For example, in 1999, Procter and Gamble announced a major internal restructuring, sacking 13% of the workforce to streamline management and speed up decision -making. Innovation teams were set up within the company and the management of new ideas was passed to new business managers rather than existing businesses. These changes resulted in the successful launch of Swiffer, Febreze and Dryed.
Innovation is not the same as invention. There are very few 'inventors' that have successfully invented a commercial business opportunity, notable exceptions being James Dyson, Bill Hewlett and Dave Packard. 'Inventors' rarely develop innovations that change markets, make fortunes, and change the way the world operates. Innovation is led by commercial application, whilst invention is led by the scientific process.
Activity 5.1
Critically review your own company's use of innovation, with reference to two or more concrete examples.
New product development (NPD)
It is apparent that new product development is a key aspect of the innovation process. The reality of new product launches is that the majority are not unique or novel. Many of the NPD launches are variations of existing products. Booz et al (1982) identified four types of new products:
New to the world
New product lines or line additions
Product revision
Reposition
There is much risk attached to new product development. Research in the USA found that less than 1% of products launched in 1998 achieved $100 million of sales in their first year. More than two thirds failed in their first year.
Failure of new products
There are a number of reasons that may account for the high failure rate of new products. Drummond and Ensor (2001) suggest the following:
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