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Business Cultures Which Foster and Impede Product Development - Research Paper Example
Author : lynchenrique
Pages 15 (3765 words)
Business Cultures Which Foster and Impede Product Development Table of Contents INTRODUCTION 3 Background 3 Objective of the Study 4 Outline of the Study 4 LITERATURE REVIEW 5 Business or Organizational Culture 5 Culture’s Contribution to Product Innovation 7 Fostering Innovative Culture for Product Development 9 Role of Diverse Workforce 11 Case Study: Innovation is the Culture of 3M 12 IMPLICATIONS FOR MANAGERS 13 CONCLUSION 15 References 16 INTRODUCTION Background The whole process of thinking and developing a new product and launching it in the market is called new product development…
New product development takes time and it is also quite risky and costly. The failure rate of new products is really high in the market. This happens due to several factors but the most common factor is lack of market research. The marketers should do a proper market research for their product. If they are successful then, after developing the product, another product research is also necessary. This will not only give a true picture to the market, but also save them from incurring huge losses before developing the idea or concept (Saxena, 2009, p. 266-268). The reason behind developing new products for the company is known and generally discussed aspect in business environment, but the significance of business culture in product development is a rarely discussed issue. However, organization culture plays a very important role in generation of innovative ideas, product designing or developing a whole new product. ...
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