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Supporting Innovation
Defining Goals
Success Factors
Success Factors
A wide range of factors goes into the successful development
and launch of a new product, but the leading factor, according
to Goozé and Webb, is differentiation. A product that
genuinely sets itself apart from others succeeds by capturing
larger market share and meeting other long-range sales objectives.
This may seem obvious -- but if so, why are there so many
"me too" products floundering in the marketplace?
Goozé says: "There's nothing inherently wrong with
being an imitator, if you can bring something unique to the
next stage of a new product's lifecycle. For an imitation
strategy to work, you have to have an advantage over the pioneer's
initial effort. You have to capitalize on something the pioneer
missed."
What might that be? "The originators of a new product
might have had difficulty keeping costs under control, or
they may have missed certain features and benefits that would
generate value for customers. In either case, successful imitators
find a way to offer the same value for less money, or more
value for the same amount of money." Goozé calls
this "imitation-plus."
Other critical success factors:
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A steady stream of ideas |
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Leaders who understand and encourage risk-taking |
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Formal prioritizing of projects |
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Cross-functional project team |
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Sufficient flow of resources from key
functions |
Ultimately, Webb notes, a company's culture must reflect
a dedicated commitment to new product development. "There
should be a common language and framework for product initiatives.
The project team should be able to access a comprehensive
database of ideas and customer research. People throughout
the organization should be encouraged and rewarded for coming
up with new, profit-making ideas. Everyone is in it together."
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