Topic Teasers Vol. 14: Disruptive Innovation

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  Innovation   Strategy  

I work for a successful, established organization. However, management wants my team to suggest innovative new products and services. We already have our current excellent products, so feature-laden that they are very expensive. How is a project team expected to know how to find the next new breakthrough revenue producer?

A. Suggest to your manager that this is the work of the marketing department and the management team. The people on your team only have the skills to develop items envisioned by someone else.

B.  The keywords in your question show that your organization is looking for more revenue. Brainstorm with your team to see if you can squeeze additional costs out of your existing products.

C. Look to your competitors. What innovative ideas are they introducing? If your team can plan production of similar products, you can piggyback on their advertising and not need to spend money on research and development.

D. Look beyond adding more features to designing a less expensive item with fewer features that will appeal to a different consumer marketplace. The profit per item will be lower, but the market share will be larger.

Answer: D. Look beyond adding more features to designing a less expensive item with fewer features that will appeal to a different consumer marketplace. The profit per item will be lower, but the market share will …

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