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Research Paper example - Product Innovation on Firm Performance
Pages 11 (2761 words)
This study applies the perspective of new product development, brand extension and organizational change to highlight the impact of product innovation on firm performance. The paper relies on earlier research that has been carried out relating to successful product innovation and the sources of innovation. …
Extract of sample
The intention of this study is product innovation as the introduction of a new product in the market that uses different technology and has a higher utility for the consumer than the existing products. In the contemporary competitive environment, a business requires to maintain leverage in relation to its competitors through ensuring that consumer loyalty is maintained and hence a greater market share. Precautions should be observed during product innovations since the process may have a positive or negative impact on the existing product categories. They may result in a greater market share, cannibalism and destabilization of products. Nevertheless, the significance of product innovation can not be ignored. This study explores the positive relationship between product innovation and firm performance. Aboulnasr et al. established that innovation originates from the application of creative ideas to develop marketable products from the existing ones. This process begins through invention whereby the new ideas are generated in relation to the performance targets of business. Products usually have a life cycle that decreases over time and requires enhancement through constant innovations to maintain competitiveness in the market. Kim & Huang noted that innovations can be accomplished through development of fresh knowledge or new products in the market that increases a firm’s leverage through increased profits and consumer satisfaction. ...
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