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Nearly three-quarters of those firms that are the most successful with NPD (measured by sales and profits, for example) initiate product development efforts with specific strategic planning activities (1).
Yet strategy is complex and there is no magic formula to design and implement a successful innovation strategy. Many companies today face a dual challenge to incorporate new product development efforts for future growth while holding budgets at minimum expense levels just to survive poor economic conditions.
However, an overarching vector in any business is the strategic thrust. Approximately one-third of products that are commercialized fail to meet objectives (2). It is imperative that an innovation culture is supported by business and innovation strategies striving for top-line growth.
In this article, we will probe three key questions regarding the innovation strategy.
- Who is responsible for strategy?
- What tools are used to implement strategy?
- What do I do if there’s no guidance?
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References
1. Trends and Drivers of Success in NPD Practices: Results of the 2003 PDMA Best Practices Study. Barczak, Gloria, Griffin, Abbie and Kahn, Kenneth B. 2009, Journal of Product Innovation Management, Vol. 26, pp. 3-23.
2. Rothberg, Robert R. Corporate Strategy and Product Innovation. 2nd ed. New York : Free Press, 1981.
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