The Process of Developing New Market Offerings
Innovation is the key to developing viable new offerings. Innovation is not limited to the development of new products or services. It can involve a new technology, a new approach to brand building, a new pricing mechanism, a new way of managing incentives, new channels of communication, or a novel distribution method. Innovation is particularly important in industries that are characterized by high technological uncertainty, high market uncertainty, fierce competition, high investment costs, and short product life cycles. Innovative offerings disrupt existing business models and make companies that fail to adapt to changing market conditions superfluous by devising new ways to create market value. ...
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