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New products/processes - Assignment Example

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There are various management innovation practices that are linked to strong innovation performance such as understanding technology and its contribution, use of external sources of business intelligence in a well structured way, reviewing products and services and services and…
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Download file to see previous pages st and these will include looking into historical data, previous sales projections, promotion plans, corporate objectives, market share and market research. These will give any firm a general idea on how to go about with the new products and processes (Cunningham & Harney, 2012).
The use of teams within an organization in product developments is a way to encourage competition and innovations. The teams will determine product purchases in the past, sales growth and opportunities for further improvements or innovations. The team must first understand their customers before developing improvement opportunities in sales.
Customers provide information about products and also offer final evaluations on products and services and drive the sales volume. Customers are the most useful sources of ideas and innovations. Organizations have come up with various methods for gathering ideas from their consumers especially through social media and websites where customers give their product reviews, complaints and ideas. The information collected is then compiled and used to determine the customer’s reaction to various products and services that are offered by the organization, and this aids with product improvements, innovation of new products and market launch of new products.
Learning the business strategies of the competitors will give any organization a competitive edge. This can be done through attending conferences trade fairs among others in order keep up with the competitors’ research and developments. The information gathered is then used in the improvement of the products and services and assessing the competition and their penetration into the market. The firm with superior competitor information can use this understanding to its advantage. They can apply its strengths against the rival’s weakness, by reproduction and improvement or offering discount and differentiating their products (Lawson & Samson, 2001).
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