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Innovation and new product development: opportunities and challenges

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  • Pratap Chandra Mandal

Abstract

Business does not exist without customers. Companies require understanding customer requirements well and offering products accordingly. Products need to be developed based on innovative ideas combined with customer preferences. The study discusses about the various aspects of innovation, the need for innovation to beat the competition, the challenges faced in innovation, organisational requirements, budgeting, and organisational processes for innovation. The study focuses on generating innovative ideas from a number of sources. Innovation is an ever-evolving field and companies require generating innovative ideas and implementing them. To achieve this, companies require a culture of innovation, top management support, motivated employees, and a strong desire to learn even from failed ventures. Both academicians and practitioners will appreciate the importance of innovation in new product development and the organisational practices required for innovation. Based on these approaches, companies will be able to gauge their initiatives and strategies, align their processes, satisfy their customers, and succeed in the competition.

Suggested Citation

  • Pratap Chandra Mandal, 2024. "Innovation and new product development: opportunities and challenges," International Journal of Business Excellence, Inderscience Enterprises Ltd, vol. 33(4), pages 565-584.
    • Handle: RePEc:ids:ijbexc:v:33:y:2024:i:4:p:565-584
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