Sources and influences of product innovation
Journal Title: Zarządzanie i Finanse - Year 2012, Vol 10, Issue 2
Abstract
Innovations have become one of the key areas of research. Companies that have achieved spectacular success mainly have implemented different sorts of product innovations. There is no single source of innovation, but an infinite number of possibilities to use different sources to create change. The source of product innovation is everything, what inspires a man to the process of change. In practice, the most frequently used sources of ideas for new product are: business, market and technology transfer centers, research and development. Basing on outcomes of survey carried out in 2009 among food processing companies, the most common source of obtaining ideas for creating product innovations turned out to customers. Important initiators for this type of activity were also the owners and employees of the company and competitors to the market. Enterprises drew their inspiration to create new products from the changes in behavior, needs and habits of consumers, changes in the sector or the market structure and the unsuitability of the products to the user. The reason of the implementation of product innovations was the most frequently needed to maintain or increase market share, the need to acquire new market segment or expanding the product range. There were some key factors which limited innovation activity of diagnosed companies as high costs of implementing the product innovations, the uncertainty of marketing for new products, and ease of copying of innovations by competitors. Summary, product innovations have become important tools in the competitive and ensure long-term presence in the market. New products in particular are a source of new vitality so necessary to constantly face the challenges of the market. However, for innovators, introducing new products is burdened with a significant financial effort. New products are not always appreciated by customers, and several times this type of failure, may affect the overall condition of innovator and its market situation.
Authors and Affiliations
Sylwia Badowska
Keywords
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