Posted: November 25th, 2022
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CO1 – Identify the challenges of product innovation and development.
As we have been discovering with your reading and research, there are many types of businesses that are trying to innovate by introducing new product lines or by repositioning existing products in the current or new markets.
However, well-known strategist Tom Peters in his famous book “In Search of Excellence”, told business organizations that they should “…stick to your knitting…”, meaning they should concentrate on producing those products that they knew well and for which they were known, rather than try to be all things to all people and perhaps be weaker producers of other products which represented a departure from their company strengths and expertise.
Answer the following questions:
What do you think about this philosophy?
Is there room for both innovation and “sticking to your knitting” product concepts?
How would you advise producers then, to handle their innovation initiatives, based on Peters’ advice?
Please be sure to validate your opinions and ideas with citations and references in APA format.
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