[Recommended] Developing Innovative New Products
Developing innovative new products and services is expensive, time-consuming, and extremely risky. Most studies have indicated that the majority of development projects fail. Firms need to make difficult choices about which projects are worth the investment and which of those projects are pursued with a rigorous and well-thought-out development process.
Outline an innovation project by creating a 750- to 1,050-word business case.
Identify a company of your choice and an idea for an innovative design project that it can develop.
- Identify why the organization is in a good position to be developing the new product or service.
- Analyze how the new product or service fits with the company’s current strategic plan.
- Examine the innovations that give a competitive advantage to your chosen company and whether this innovation is disruptive/revolutionary or evolutionary.
- Examine the methods best used to choose this project and the process that will be followed to develop this idea within the company.
- Develop a timeline that outlines the steps to develop this innovation.
Note: Be mindful of the organization and the project you select, because you will continue your work and research for this same project by developing an implementation plan in Wks 5 and 6.