This first lesson will give you an insight into the meaning of company strategy. You will also understand how strategy influences new product development within a company.
The intention of this learning resource is to give you:
- an understanding of the concept
- as clear information as possible about your own company strategy, and
- an understanding of how your own company's strategy will affect new product development.
Development and change are natural in companies that want to grow and achieve a strong position in the market. Much of the value of a new product depends on how well it supports the company's other operations. Does it fit in with the range of other products? Is it compatible with any of the trademarks that are already well recognized? And - perhaps the most important of all - does it comply with the strategy the company has? All companies, big and small, need a strategy in order to change and develop.