Abstract
Various models have been developed to manage the innovative product development process. However, most of them are complex and add more cost in managing new product development process. In this study, we present a simple and cost effective model of innovative product development process management. The specialty of this model is that it logically demonstrates how integration of encouraging leader and innovative mind in new product development process (NPD) can make it efficient and cost effective. It also shows how leadership can fully concentrate on the first phase of NPD and how crossfunctional and innovative teams can be merged in a single team to develop a workable product.
Highlights
Since the commencement of the industrialization, management experts have been accentuating the significance of innovation for gaining competitive advantage
Development of a workable creative concept, which is the base of an innovative product, is possible only if analytical mind, creative mind and technical mind are combined under the umbrella of innovative mind
The social cohesion of different people from different functional departments under the umbrella of innovative mind will help them to and properly work on the innovation when it would be transferred to their respective departments at different stages of new product development
Summary
Since the commencement of the industrialization, management experts have been accentuating the significance of innovation for gaining competitive advantage. Ali, Muhammad, and Park (2011) presented a “spiral model of indigenous technological innovation capabilities” explaining how organizations initiate, imitate, improve and make innovative technologies in developing countries All of these models are complex in nature and none of them addressed how to make innovative process cost effective simpler. By keeping the significance of innovation and innovation management in view especially in the context of today’s dynamic and hyper-competitive market environment, this article presents a three stage innovative product development process management model. It demonstrates that how innovation process can be shortened and costs can be reduced by reducing the number of activities and managerial decisions involved in it
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