Strategic Planning In Marketing

Innovation and product development are strategically important in meeting the needs of customers while thwarting global competition in product leadership. To achieve profitable growth through product innovation, both articles maintain that senior management must make the product strategy integral to the overall corporate strategy. Senior leadership must have the personal and organizational commitment to achieve the high standards required in new product introduction as well as product leadership.
Hook (2000) gives a strong definition of innovation. He states: “Innovation can be defined as the creation and introduction of change, providing a new solution that creates value for customers or improves the viability of the business.” Using this definition, the reader finds change is a key element of strategy. The question is raised, “Is the business a market leader with a continuous flow of innovative products that delight customer, or is the business shrinking, along with ...