Invention vs. Innovation

This week I started my last masters class. It is called Marketing New Product Development. For week 1 we are to discuss the following questions:

  1. What is a focused prototype?
  2. Is speed important, Why or Why not?

One must have the knowledge to understand the difference between Invention and Innovation before marketing any product. An invention is a tangible product vs. innovation is a new product process to go from a creative opportunity to an actual  prototype.

A key factor is to listen to the “Voice of the Customer” to gain vital feedback to enhance a product or service. One needs to know that not many ideas succeed, but to choose which one will help sustain and ultimately increase the bottom line for the company.

It takes leadership, quick thinking, and a diverse cross-functional team to generate new ideas for the development of viable products and services. New products will eventually be given a Go/No-Go for launch after much consideration, testing, and research for changes, which needs to be based on customer’s needs.

While it is important to beat out the competition, be sure the new product the changes are truly necessary and financially feasible for the business. Speed is important, but do not be tempted to cut corners, especially when a person life is on the line.

I welcome your feedback or comments on this week’s lesson.

References:

Crawford, C. M. & Benedetto, C. A. D., (2015). New Products Management. (11th ed.). New York, NY: McGaw-Hill Education

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