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The challenge of managing a business enterprise today is to ensure
that it can remain efficient and competitive in a dynamic
marketplace characterized by high competition, unstable demands,
heterogeneous market segments, and short product life cycles.
Increasing the pace of new product introduction enables dealing
with shorter product lives. To sustain competitiveness, a firm has
to be innovative as well as quick to respond to the changing
customer needs in order to provide better and faster products to
market than competitors. New product development (NPD) is
considered as a process of learning. Successful NPD projects
typically rely on knowledge and experience of multi-function teams.
In addition to corporate strategy and organization learning, the
external factors such as, market and competitive conditions also
play a big role in driving business strategies. The results from
the empirical research study reported shows that companies
implementing innovation strategy are more competitive in the long
run while those that follow customer-responsive strategy are more
likely to have higher return on investment within a shorter time.
In order to achieve both sustainable competencies and also meet
customer needs in the changing market environment today, a company
should adapt to the benefits of both strategies.
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R367
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