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1 Found helpful • 53 Pages • Complete Study Notes • Year: Pre-2021
Chapter 1 - 12 for Midterm Exam Revision Chapter 1: Strategic Elements of Product Development - Product innovation management, product planning, R&D or new products management - Ready—fire—aim approach – firm doesn’t understand the customer before beginning development - Radical innovation is critical for future growth and survival of the firm - The reason firms invest this much in new products is that they hold the answer to most firm’s biggest problems - A successful new product does more good for a firm than anything else (fact) - Success rate of new products have remained consistent over the years - The best research available on this topic finds that firms with global innovation culture have the most effective global new product programs - Globalization: product development has become more challenging due to increase in globalization
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