How can an organization ensure that its new product development process is aligned properly with its overall strategy?
What risks and challenges does an organization face when developing new products, and how can it mitigate them?
The response addresses the queries posted in 567 words with references.
//Before writing about the alignment of new product development with overall strategy, it is essential to gain knowledge about the key components of the 'Organizational Strategy'. Along with alignment, one should also know about the main purpose of the strategy, for the analysis//
1. The overall strategy of an organization includes the lower level strategies along with the processes and procedures to achieve the goals prepared in the mission and vision. So, in order to track the overall strategy, the organization would align its product development process with the strategy to ensure that the processes are such that they would help in achieving the required results. For instance, if the overall strategy of a company is focusing on innovation, it would ensure that its investments in R & D are adequate to support the process of innovation in new product development. Through its ...