"This book rocks with practical and perceptive candor, and down-to-earth advice. Any company can improve its new product marketing and financial success batting average by adopting Cal's principles."
PETER KLEIN"To the point with real examples of how shareholder value can be severely hampered by an undisciplined new product process. A must-read for insiders and outsiders."
Senior Vice President for Strategy and Development
RICHARD P. KUNDRAT
Founder, Pepsi-Lipton Partnership
Innovation is the lifeblood of American business. Without the creativity to find the next must-have product or service, companies quickly lose their competitive edge. Knowing this, corporate leaders invest heavily in research and development.
Notwithstanding the dollars spent on R & D, the fact remains that better 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, Calvin Hodock 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,” he discusses not only why such mistakes occur but also the dire consequences to both investors and employees. When Polaroid declared bankruptcy, because it missed the digital imaging trend, the company’s employees lost their retirement and pension benefits. Now the failure of the American automobile industry to create “gotta have” cars threatens to wreak long-term havoc in a large segment of American workers.
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.
FURTHER PRAISE FOR WHY SMART COMPANIES ...
"Why is what is obvious ignored so frequently? Find out in this book that case by case takes you through the highs and lows and even the in-betweens of innovation as an engine of company growth and shareholder prosperity."
JAMES FIGURA "Useful information for every customer and business leader. Real-life case histories reveal why innovations fail and firmly establish the importance of integrity."
Vice President, Consumer Insights
CEO and President, Platinum Television Group
New Line Media Solutions
Book Binding: Hardcover
Shipping Weight: 1lbs
Calvin L. Hodock (Skillman, NJ) is professor of marketing at Berkeley College, Garret Mountain and Middlesex Campuses, an adjunct professor at New York University’s Stern School of Business, and a guest lecturer at the University of Pennsylvania’s Wharton School of Business. He is the former chairman of the board of the American Marketing Association, the world’s largest professional marketing society. He is also on the board of directors for NuVim, Inc. He has previously published for the American Marketing Association, McGraw-Hill, and the Advertising Research Foundation.