Report on Product Innovation Charter of a Manufacturing Company Essay

Words: 2240
Pages: 9
Open Document
INTRODUCTION

Companies develop new products for nine different reasons. But the company must know for whom the product will be developed, what are the market opportunities, what are the market problems etc. For this, companies follow specific guidelines to innovate any products.

“Innovation” -means “A new idea, method or device. The act of creating a new product or process. The act includes invention as well as the work required to bring a new idea or concept in to final form.

The Product Innovation Charter is the basic guideline to invent, develop or produce a new or existing product that is included in the vision statement of the company. It is the master plan; it provides the direction for a company’s new product efforts, and …show more content…
• Flexibility. New business designs and communications systems create an ability to rapidly form novel combinations of all the elements of the value chain – people; capital; fixed assets; and knowledge.

• Globalization. The spreading of market economies both creates new opportunities to sell innovation and creates more competition, requiring higher levels of innovation to succeed.

However, we can see below for some specific elements of an Innovation Strategy

PRODUCT INNOVATION CHARTER OF BDFP

Considering basic elements of Innovation strategy mentioned earlier, we have tried to understand the PIC of BDFP. BDFP follows the PIC rigorously to Product development to Innovation of their New Product.

1. Product Platform:

The Dairy Milk Products Industry initiated in 1946 through the set up of the first dairy plant in Sirajgonj while Milk and Dairy product marketing started in 1952 under the brand ‘Milk Vita’. The industry fostered with the initiation of Milk Vita Cooperative Dairy Complex in 1973. Being the major nutritional food item, the dairy industry started to move forward.

Based on the platform created by Milk Vita, Brac Dairy & Food Products Ltd. was established in 1998 and became one of the leading milk processing company in Bangladesh. They are currently one of the highest market turnover of around BDT 2000 Mln. Since Milk Vita was producing only limited dairy items,
Show More

Related Documents: Report on Product Innovation Charter of a Manufacturing Company Essay

Essay on Aurora

Strategies, Innovation, Alliances, and Execution Capella University Introduction Thompson & Strickland (2013) believes that a successful organization’s strategy depends on people, capabilities, structure, and execution. Important as well are growth and innovation (P.. 286), which allows an organization to remain competitive. Growth strategies arise from an organization’s SWOT where clear guidelines identify areas of focus. Achieving this requires innovation and alliances on products and services…

Words 4572 - Pages 19

Essay about Church and Dwight

Rethink the Portfolio A case report prepared for MG 495 Business Policy Spring 1 2013 3 February 2013 CHURCH & DWIGHT: TIME TO RETHINK THE PORTFOLIO I. INTRODUCTION A. Executive Summary 1. Summary statement of the problem: Church & Dwight, more commonly known by its brand name “Arm & Hammer,” has held a commanding lead in the sodium bicarbonate product market for over 160 years with virtually 99 percent of all consumer products in households within the United…

Words 3635 - Pages 15

Case: Chester & Wayne Essay

Global Sustainability Eastman Kodak Company 2010 Annual Report TABLE OF CONTENTS 1 Report Scope 3 Leadership Message 6 Company Profile 10 Goals 12 Performance Data 14 Compliance 15 Sustainability Framework 21 Governance 26 Innovation 31 Stewardship 41 Engagement 50 External Recognition 51 About the Photographs SCOPE OF REPORT SCOPE OF REPORT Kodak is pleased to present our fifth annual Global Sustainability Report, as well as our 21st public report to include health, safety and environmental…

Words 18757 - Pages 76

relationship marketing Essay

Executive Summary In this report our main aim was to find out about the relationships of the Royal Fabrics with its Customers, Suppliers and the External Partners. How Royal Fabrics is maintaining the relationship or the strategies it’s using to maintain or improve the relationships with them. So in my research find out that Royal Fabrics is maintaining its relationships very well with its suppliers as all the suppliers are working with this company from more than 8 years and its customers like Arvind…

Words 3499 - Pages 14

Boeing Company Analysis Essay

Boeing [pic] Presented by: Urvishkumar Patel Amitkumar Patel Bhavikkumar Patel Manojkumar Patel Vishal Patel Jonathan Mayes MG - 640 Management Policy Dr. Santanu Borah July 27, 2008 TABLE OF CONTENTS INTRODUCTION 5 Company Overview 5 Boeing Commercial Airplanes 5 Boeing Integrated Defense Systems 6 Boeing Capital Corporation 6 Background 7 Sales/Operations 9 Constituent Contributions to Corporate Portfolio and Revenue 12 Market Share, Revenues…

Words 15965 - Pages 64

Business report Essay

Introduction The purpose of this report is to develop a marketing plan for a new product of my teams’ choice which caters to the needs and wants of the customer within our target market. Business marketing is the practice of individuals or organizations, such as commercial businesses, governments and institutions, facilitating the sale of their products or services to other companies or organizations that either resell them, use them as components in products or services they offer, or use them…

Words 4559 - Pages 19

Nordstrom Human Resource Paper

trusted to do what is right. Everyone else in the company is there to help the sales staff make the sale and please the customer” (Mulady, 2009). The way the employees are treated and valued is a perfect portrayal of the company’s mission of providing the best possible customer service and value to the customer. Even though the salesperson is the front man for the company, the human resource and management team act as the glue that holds the company together. The president of…

Words 5440 - Pages 22

Putting Your Company S Whole Brain To W Essay

annotations to guide further exploration of the article’s ideas and applications Product 97407 This document is authorized for use only by TECH BATTELLE (GUSTAFSONM@BATTELLE.ORG). Copying or posting is an infringement of copyright. Please contact customerservice@harvardbusiness.org or 800-988-0886 for additional copies. Putting Your Company’s Whole Brain to Work The Idea in Brief The Idea in Practice Successful innovation relies on people— and people have different cognitive approaches for assimilating…

Words 6989 - Pages 28

A Small Number Of Innovative And Entrepreneurial Companies And Their Aspiration For Social Change Thedriver Business Repositioning Is To Transform The Economic Success Of The Society As Well As The Best Throughtheir Products Essay

innovative and entrepreneurial companies and their aspiration for social change thedriver business repositioning is to transform the economic success of the society as well as the best throughtheir products. based on some of the faces of this report and business models (CSR-driven) firmsand looks at their corporate social responsibility-driven innovations. This report and the motivation to create two foldpurpose more CSR-driven innovation, idea generation and innovation-driven process to the final businessstrategy…

Words 4871 - Pages 20

CSR Report APRIL6 Yousef Essay

Table of Contents Overview of Corporate Social Responsibility 3 Archie Carroll’s Pyramid of Corporate Social Responsibility 4 Advantages of Corporate Social Responsibility 4 Innovation 5 Cost Savings 5 Long-Term Thinking 5 Public Image and Brand Differentiation 5 Employee Engagement 5 Arguments against Corporate Social Responsibility 6 Misalignment with Profit Maximization 6 Accountability and Green-washing 6 Business Mandate and Skill Set 7 Issue Statement 7 Stakeholders 7 Aritiza’s Current CSR…

Words 8336 - Pages 34