Managing Product Innovation

Abstract

The importance of product (and service) innovation to the firm and social progress is widely recognised. Therefore, it is not surprising to find numerous studies of how firms generate, develop, and introduce new products and services. Unfortunately, this body of research offers little advice about how to plan and manage the complex set of activities that contribute to successful innovation. The literature on procedures and analytical methods also has a narrow focus, dealing principally with separate topics such as sales forecasting or project screening rather than the overall systems employed by business units. Finally, not much is known about how a firm’s industrial environment and administrative style influence the management of innovation.