Product Innovation Challenges - ETR 500 Week 6 Blog
Production innovation will always come with its own set of challenges whether they are internal or external to the company it almost a rite of passage. This article explains the leading cause of most product innovation not living up to their expectations is due to “lack of product differentiation and poor market analysis.” Furthermore, the driving force to those causes were that most of those organizations resources were spread thin with too many development projects in process on at the same time. Well, it isn’t too surprising that management seem to be driving the focus on too many things at once or even detracting the required resources from the products and areas that could be of some real benefit to their companies. These echoes seem to get louder and louder which is why a few companies tends to loss some of its market share to others because either the competition has caught up or they have taken the next step forward.
Whether more product innovation tends to fail more often than they succeed, it is the path to success. The reason as to why products such as the IPod/ITunes work is simply due to the fact that leaders like Steve Jobs celebrate failures on the path to success. Failures are used as stepping stones in achieving their ultimate goal(s). Apple went after the music industry which at the time saw its profit margin diminishing with each illegal download. Apple stepped in with the IPod/ITunes package and offered ITunes as the intermediary solution to music piracy.
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