Successful Versus Unsuccessful Innovations
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What are the critical differences in the timing and positioning of successful versus unsuccessful innovations?
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The solution discusses successful vs. unsuccessful innovations.
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First, the managers and executives must be proactive in their timely and correct product launching. As much as 70% to 90% of corporate technology gets to be used in a product that could be sold. After that, only 40% of a completed project actually gets on the market. Thirdly, 40% to 50% of the products that go on the market fail to make a profit.
So the viability of a technology has to be thought through in terms of whether there is a market, or whether a valuable product could be made with that technology, or whether the market could be clearly developed, and are there steps already in place to develop that market so that it has a demand for that product.
Second, a company must seek and acquire close relationships with the adoption network - the suppliers, the manufacturers, the complimentary product industries, and the stores that sell the product. When they do this, that network of businesses become stakeholders ...
Education
- MEd, Grand Canyon University
- MBA, University of Phoenix
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