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Supporting Innovation
Defining Goals
Success Factors
Defining Goals
So you're considering adding a new product to your line.
Have you looked at the process (and proposed outcome) from
a strategic perspective? Do you have clear and measurable
long-term goals?
"Without measurable goals, you have no benchmarks to
track performance," Goozé notes. "It's equally
important to determine how the new product is linked to your
overall goals and strategy. The fit has to be right, or you
risk substantial losses."
Innovation doesn't occur in a void. It must be tied to ongoing
business priorities.
Other attributes of clearly-defined new product goals:
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Guides selection of development projects |
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Defines target markets, competitive strengths
and weaknesses, and angle of attack in the marketplace |
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Differentiates your new offering from
the competition |
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Offers staff a sense of direction and
purpose |
"Established goals help determine a schedule for completion
of projects," Webb says. "They're also essential
in estimating development costs and resource requirements,
within the context of your larger business plan."
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