Innovation???

Innovation is the development of more efficient products or services provided by a company within their target market primarily for company growth. Within the current economic situation businesses are under huge pressure to develop new and environmentally friendly products that are going to be successful within the economy. Businesses adopt different strategies to inspire advancements in their products and technology. I am going to focus on the development of innovative successful products during this blog. During my research I found that people talked a lot about the life cycle of a product during the development to making it onto the market.

According to Tidd et al (1997: 8) it is possible to think of products and processes having life cycles , in which they are seen to go through some form of development, from being new (either to the world or at least to a particular market place), through development and maturity towards a notional end-point where a new generation emerges.

The different stages in development in this lifecycle imply different emphasis on innovation. The author then talks about how the product has different stages in its development. For example there is a development stage where an idea is brought into reality leading to a maturity stage where is being sold on the market to a decline stage where it is being replaced by new more innovative products.

Tidd. J, Bessant. J & Pavitt. K, 1997, Management Innovation – Integrating Technological, Market and Organizational Change, John Wiley & Sons