A Conceptual Approach for Building Product Development Strategy

Abstract

The analysis of factors of level of product change, scope of product change and speed of product change is an effective way of developing product development strategies with focus on different innovation level. By analyzing the three factors, the product innovation types can be identified. The identifying the type of product innovation helps to develop the product development strategies focusing on the characteristics of each innovation type. In this research, the innovation types and characteristics are analyzed for designing the product development strategies. The detailed analysis of innovation concepts enables to develop the product innovation strategies which is effective for current competitive market condition.