Dr Cooper is Professor at McMaster University, Canada, and President of the Product Development Institute. He is known as the father of the Stage-Gate® process, now used by most leading firms around the world to drive new products to market; and for his extensive work on new product success drivers – what leads to success. He is also a management consultant to Fortune 500 firms and top scholar in innovation.
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Most companies have ambitious growth goals
The trouble is that there are only so many sources of market growth. Markets in many countries and industries are flat and increasingly commoditized; achieving growth in market share is expensive; and acquisitions often do not work. For most companies, product development means line extensions, improvements and product modifications, which at best only serve to maintain market share. Markets are not growing, so firms increasingly compete for a piece of a shrinking pie by introducing one insignificant new product after another.
The answer is true innovation – breakthrough products, services and solutions – that create growth engines for the future. This means larger-scope and more systems-oriented solutions and service packages. Read this 2 page overview to learn how to innovate in a flat market.
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