At the heart of the innovation process is new product development. Most organizations have a delineated process for developing new products or services: opportunity identification, concept generation, product evaluation, product development, and product launch. Let us examine each of these:
Opportunity Identification
Where do new business ideas come from?
• Sales people. They have a good handle on what customers want.
• Customers. They usually know what they need and what would make their lives easier.
• Emerging markets. A middle class with purchasing power has emerged in India and China.
• Crises. 9/11 created an expanded market for security-based products and services.
• Periphery Markets. New inventions ...
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