Innovation process

The innovation process includes the development of new products. There are four levels to be distinguished:

1. Procurement of product ideas (creativity techniques)

2. Examination of the product ideas (break-even analysis)

3. Design of the product (product design)

4. Testing the product

The development of new products is time-consuming and costly as well as associated with high risks:

Die meisten Produktideen, die in das Stadium der Produktentwicklung gelangen, kommen nicht auf den Markt. Die meisten Produkte, die auf dem Markt eingeführt werden, sind Misserfolge. Erfolgreiche Produkte (Hits) werden von der Konkurrenz nachgeahmt (Me-too products).

The innovation process must therefore be carefully planned, implemented and controlled in order to increase the probability of success.

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Further explanations for the first letter "I"