The Case Of Sally Walden Of Resintech - 1628 Words

Society is full of creative minds that has help shaped our world. These creative minds have invented such things as electricity, automobile, television, and the development of new innovations that improves a generation. According to Hohenberg, Innovation commercialization is an important managerial challenge which depends heavily on the sales force for its success (Hohenberg 114). In the case of Sally Walden of ResinTech, a new innovation has been developed but not fully accepted. Walden is faced with evaluating the company’s present situation, what she should do with this new idea, and how her managers will decided whether or not to continue supporting her idea for the foam-dome concept. Innovation is essential to firms if they want to maintain competitive advantage, fulfill customer s needs, wants, and expectations and perform well in the market. It s important for firms to know how to identify innovative opportunities such as developing a new product or transforming existing products into new product development. â€Å"Innovation is the multi-stage process whereby organizations transform ideas into new/improved products, services or processes, in order to advance, compete and differentiate themselves successfully in their marketplace† (Baregheh, Rowley, Sambrook, 2009, p. 1334). In order for a firm to be successful in new product development they must take into account that this development is divided into five critical stages. The process begins with stage one idea