New Product Innovation

MCAworks Opinion

Most companies today embark on continuous product improvement & innovation, delivering better products and services more frequently in order to maintain/grow market share. Product innovation can range from new/breakthrough technology to more functionality, more/better features, better appearance, and more customized products.

Providing a true competitive advantage, however, is more challenging than ever. Some of the challenges include global competition, costliness of the development process, shortage of important and unique ideas, and shorter product life cycles. Companies must be careful not to launch a me-too product, but rather a sustainable innovation, a unique and superior product or service that is based on real consumer needs. When developing new products, it is important to involve consumers early, encourage innovation from suppliers, carefully define and assess the target market and their needs, concept/product test, and pay attention to execution in all stages.

It is critical to create a process within the company that fosters a culture for establishing a continuous innovation pipeline. It is also important to apply business criteria and consumer research for selecting the innovative ideas with the biggest potential for success.

Contact Ilona Bergquist for more information.