The Strategic Product Innovation System is a comprehensive framework that guides the development, launch, and management of new products or services. It is a systematic approach that integrates various elements such as market research, product design, development, testing, and marketing to ensure the successful introduction of a new product or service into the market.
Objective of the Strategic Product Innovation System
The primary objective of a Strategic Product Innovation System is to create and deliver value to both customers and shareholders. It aims to identify opportunities in the market, develop innovative products or services that meet these opportunities, and successfully launch them into the market. The system also seeks to manage the lifecycle of these products or services effectively to maximise their profitability and longevity in the market.
Describing the Strategic Product Innovation Process
The Strategic Product Innovation Process typically involves several stages:
1. Idea Generation: This is the initial stage where new product ideas are generated based on market research, customer feedback, competitive analysis, and technological advancements.
2. Concept Development: In this stage, the ideas are evaluated and refined into viable product concepts. These concepts are then tested for feasibility and market potential.
3. Design and Development: The approved product concept is transformed into a tangible product through detailed design and development. This stage also includes prototyping and testing to ensure that the product meets its intended functionality and quality standards.
4. Market Launch: Once the product has been developed and tested successfully, it is launched into the market through strategic marketing campaigns.
5. Lifecycle Management: After launching the product, it’s essential to manage its lifecycle effectively through continuous monitoring, improvement, and innovation.
Value Delivered for Customers
The Strategic Product Innovation System delivers significant value for customers by providing them with innovative products or services that meet their needs or solve their problems effectively. It ensures that products are designed with a customer-centric approach, focusing on delivering superior functionality, quality, convenience, or experience for customers.
Value Delivered for Shareholders
For shareholders, the Strategic Product Innovation System delivers value by driving business growth and profitability. By introducing successful new products or services into the market, the system can generate increased revenues and profits for the business. It also enhances the company’s competitive position and brand reputation, which can lead to higher shareholder value in the long term.
Summary
In conclusion, a Strategic Product Innovation System is a critical tool for businesses to stay competitive and grow in today’s dynamic market environment. It provides a systematic approach to developing and launching new products or services that deliver value for both customers and shareholders. By effectively managing the product lifecycle, it ensures that these products continue to deliver value over time, contributing to sustainable business success.
