Innovation in new product development-opportunities & challenges

The present study aims to explore the opportunities and threats for Innovation in New product development process in every organization. The research is based on extensive review of literature, in order to find out the leadership factors that facilitate change in new product development process in an organization. Scientists today are working on a startling range of new technologies that will revolutionize products and production processes. Some of the most exciting work is being done in biotechnology, solid-state electronics, robotics, and materials sciences. Researchers are working on AIDS cures, happiness pills, painkillers, totally safe contraceptives, and nonfattening foods. They are designing robots for firefighting, underwater exploration, and home nursing. In addition, scientists also work on fantasy products, such as small flying cars, three-dimensional television, and space colonies. The challenge in each case is not only technical but also commercial-to develop affordable versions of these products. Companies are already harnessing the power of virtual reality (VR), the combination of technologies that allows users to experience three-dimensional, computer generated environments through sound, sight, and touch. Virtual reality has already been applied to gathering consumer reactions to new automobile designs, kitchen layouts, exterior home designs, and other potential offerings.

The research reveals that the many companies lack of clearly articulated and well-communicated new product innovation and Unlimited Opportunities. Such an Unlimited Opportunity is essential and is strongly linked to positive performance in new product innovation. A framework for developing a new product innovation is presented, and the various steps of strategy development are described, from best-practice ways to define innovation goals and objectives through to the selection of strategic arenas and the development of the strategic map.