WHAT YOU WILL LEARN IN THIS CHAPTER

This book presents a comprehensive overview of product innovation from the definition of clear strategic goals, through the development of a balanced portfolio to the processes required for successful new product outcomes. Supporting this overall product innovation framework are the tools related to design and development, market research, business analysis, culture, teams, and leadership. This breadth of activities requires input from, and coordination of, wide‐ranging disciplines, making management of product innovation both complex and challenging. In this chapter, we present the key factors for product innovation success and the attributes required in Product Innovation Management from strategic planning to initial product concept through to launch and onwards through the product's entire life cycle.

A diagram of the strategy. It consists of product innovation management, process, strategy, portfolio, market research, culture, teams, design, and development.

CHAPTER ROADMAP

An illustration of the roadmap. 1. What is product innovation? 2. What makes product innovation management so complex and challenging? 3. What is the role of the product manager in product innovation? 4. What skill set is required for a product manager? 5. What is the difference between a product manager and a project manager? 6. What is the Product Life Cycle P L C?

1.1 WHAT IS PRODUCT INNOVATION?

To best understand product innovation, let's break the term into two components.

Innovation is the combination of creativity and realization, as shown in Figure 1.1.

FIGURE 1.1 Innovation as a combination of creativity ...

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