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MEHRAN UNIVERSITY INSTITUTE OF SCIENCE & TECHNOLOGY DEVELOPMENT MUISTD Tool for innovation management Fictional ProjectA Company A is...

Please tell us the Advantages & Disadvantages of Port-folio Management Tool.
Subject: Tool for Innovation Management
MEHRAN UNIVERSITY INSTITUTE OF SCIENCE & TECHNOLOGY  DEVELOPMENT MUISTD                                                                                                                      Tool for innovation management Fictional Project-A Company A is considering launching a new consumer product and is interested in a clear idea of the potential market and the range of competing products. They are trying to compete on technological features rather than price. Thus, they would like information about the technological edge which their product is perceived to have. Assigned By: Respected Madam Arabella Bhutto Presented By: Abdul Ghafoor Siyal   Roll-No# 09/TIM/04
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THE COMPANY A SELECTS FOLLOWING TOOLS ACCORDING TO DEMANDS. 1. Stage Gate Model 2. Bench Marking 3. 4Ps STAGE GATE MODEL The product innovation process is a clear idea of the potential market, where the product can be competed with other products. Because many leading companies rehabilitated their products innovation processes through stage gate model. “According to several independent research studies (i.e. Product Development & Management Association, AMR Research, Booz-Allen Hamilton, etc.) between 70-85% of leading U.S. companies now use Stage-Gate to drive new products to market” This tool provides a stage to launch a new consumer product and can achieve clear idea for potential market and the range of competing product. When Product life cycles are very shorter, competition is stronger and customers are more demanding for product, then this tool can be applied for encouragement of business firms or to the companies. This tool will help to launching new products for customers in the market. Some new companies do not succeed to launch their products in the market due to inexpertness. Some top companies which re-invent their product with new design & shape but some do well and some do not well because those have ideas and strategies to producing innovative product to their customer. In the business terminology risk factor is also involved in each company, this is vital factor how it can control or manage. It can be evaluated through process model.
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