Although the US has committed itself to innovation in terms of products and services to the point of outright hysteria, Hodock (marketing, Berkeley College, etc.) points out that about 90 percent of innovation initiatives fail to achieve their financial targets. He finds that too many companies make significant mistakes in judging markets, positioning products, delivering products that are dead on arrival, assessing the competition, establishing realistic budgets and timing, and believing false marketing intelligence. He provides some ways to identify and correct these and other common mistakes. Particularly interesting is his commentary on how corporations and MBA programs interact. Annotation ©2008 Book News, Inc., Portland, OR (booknews.com)
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More than 90 percent of innovation initiatives fail to achieve their return-on-investment targets. Poor management decisions and lack of marketplace savvy often undermine even huge research efforts. Can America continue to be a formidable global competitor with this kind of failure rate?Taking a case history approach, this book examines eight typical innovation blunders that continually doom new product development. From misjudging the market and "dead-on-arrival products" to "fatal frugality" and "timetable tyranny," the author discusses not only why such mistakes occur but also the dire consequences to both investors and employees. Among the problems Hodock points to are breakdowns in the marketing research process, marketing dishonesty, lack of real-world preparation among newly graduated MBAs, CEOs under pressure to deliver unrealistic earning targets, clueless boards of directors, and the general absence of accountability. After analyzing each problem, Hodock emphasizes the lesson learned and concludes with a list of best practices for successful innovation. He shows how even modest improvements in the innovation process can double the bottom line for any company while making their shareholders more prosperous and happier. Hodock’s incisive analysis and illuminating new approaches to successful development and marketing are must reading for students of business, seasoned corporate executives, and anyone interested in the future of American business.
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