The Anatomy of the Product-Innovation Process: Cost and Time
In this chapter, we study the anatomy of the product-innovation process. Exactly what is involved in product innovation? What is the cost of the various activities that must be undertaken to develop a new product and introduce it to the market? How long do these activities take? To what extent can the time required to get the product to market be reduced by increasing the cost of the project? These questions are extremely important to economists and others. Yet the truth is that, except for a few areas, we have little or no information bearing on them.
KeywordsProduct Group Innovation Process Product Innovation Innovative Activity Manufacturing Facility
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