A Quote by Nirmalya Kumar
Process innovation is different from product innovation. It's about how do you create a new product or develop a new product or manufacture a new product, but not a new product itself?
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New product and new types of service are generated, not by asking the consumer, but by knowledge, imagination, innovation, risk, trial and error on the part of the producer, backed by enough capital to develop the product or service and to stay in business during the learn months of introduction.
The acceleration of the marketing process, the concentrating of manufacturing, greater diversification, increased international competition, have in turn speeded up product improvements, product innovations and new product introductions. The stakes are high, the failures costly.
I think all philanthropy invests in product innovation, whether in a vaccine or a new kind of product of one sort or another, and I think we'll all continue to do that.
The strategic stimulus to economic development in Schumpeter's analysis is innovation, defined as the commercial or industrial application of something new---a new product, process or method of production, a new market or source of supply, a new form of commercial, business or financial organization.
When you're trying to solve a problem on a new product type, you become completely focused on problems that seem a number of steps removed from the main product. That problem solving can appear a little abstract, and it is easy to lose sight of the product.
I've always believed that the best way you combat intellectual property theft is making a product available that is well priced, well timed to market, whether it's a movie product, TV product, music product, even theme-park product.
If a product's future is unlikely to be remarkable - if you can't imagine a future in which people are once again fascinated by your product - it's time to realize that the game has changed. Instead of investing in a dying product, take profits and reinvest them in building something new.
When you set out to create a new product, you usually do not start by trying to think of something completely new. You think of a product or concept that is already 'normal' to the world and then try to make it better. You make it Super Normal.
The minimum viable product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.
Often, the disconnect between the marketing hype around a new product and what the product actually does is astounding.
Why are we willing to accept a new mathematical formula we don't understand as the product of a brilliant mind, while rejecting a new art form we don't understand as the product of a deranged mind?
You have to make a decision whether it's a new product or you integrate it with an existing product. It takes time to work these things out.
Hollywood still makes things. We still export a couple billion dollars' worth of product overseas. Original, new product. Some people might not agree that it's original or new, but basically it is.
The product itself should be it's own best salesman. Not the product alone, but the product plus a mental impression, and atmosphere, which you place around it
No amount of tools can help a bad product. You have to remain genuine in your product development innovation and quality.
All of these creative ideas and decisions about new ways to reach the consumer can be tracked with regard to how well they are working, whether and how they are building awareness for the product, how well they motivate the consumption of the product, and so on.
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