9 Reviewing and Extending the Concepts

Objectives Review and Key Terms

Objectives Review

A company’s current products face limited life spans and must be replaced by newer products. But new products can fail—the risks of innovation are as great as the rewards. The key to successful innovation lies in a customer-focused, holistic, total-company effort; strong planning; and a systematic new product development process.

Objective 9-1 Explain how companies find and develop new product ideas. (pp 256257)

Companies find and develop new product ideas from a variety of sources. Many new product ideas stem from internal sources. Companies conduct formal R&D, or they pick the brains of their employees, urging them to think up and develop new product ideas. ...

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