A novel experimental model for product innovation strategy

• Malekpour, Mehrgan ^[1] ; Yazdani, Morteza ^[2] ; Kordkheili, Hamed Gholami ^[3] ; Rezvani, Hamidreza ^[4]
  1. [1] University of Pisa

     University of Pisa

     Pisa, Italia

     
  2. [2] Universidad Autónoma de Madrid

     Universidad Autónoma de Madrid

     Madrid, España

     
  3. [3] University of Mazandaran

     University of Mazandaran

     Irán

     
  4. [4] Institute of Higher Education Mehr Alborz

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• Localización: ESIC Digital Economy & Innovation Journal, ISSN-e 2792-8721, Vol. 1, Nº. 2, 2021
• Idioma: inglés
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  • The paper deepens the theoretical understanding of previous models on product innovation strategies and provides an enriched dynamic classification of product innovation based on 16 strategies. Using a critical literature review as well as the analysis of the case study, it seems some important models related to product innovation like Ansoff’s grid require a modern theoretical update. Therefore, an updated version of prior product-market growth strategic grids is provided, with sixteen distinct options. Data and examples for illustration of the proposed strategies are obtained from companies in the foods and beverages industry located in Iran. Results suggest that companies should select one of sixteen strategies for creating innovative products according to competition level, market types in terms of homogeneous or heterogeneous, innovation leadership (market leader or market follower), and innovation capability (low versus high). The contribution of the paper is based on the integration of the effective factors for generating successful innovative products according to firm and market situations. The contributions for decision-makers are aimed at creating the best possible strategy toward new products and providing them with a guide for determining the blend of product innovation strategies to adopt in order to gain a competitive advantage.