Flexible System Approach for Understanding Requisites of Product Innovation Management

Innovation may be a key towards business success and winning over competition prevailing in the market. Effective management of innovations may be recognized as a requirement to sustain the existing position of an organization and also to attract new customers for gaining a competitive advantage over other players in the market. Product innovativeness, regarding ‘new’/‘significantly improved’: features; functions, aesthetics etc., may be valued as an increasingly important research area in Indian context for domestic and international business sustainability. It has been attempted to identify and understand important requisites for product innovation management in Indian organizations. Literature review approach has been used for identifying requisites and benefits of product innovation management. AHP methodology has been used to understand the importance of requisites of product innovation management. ‘Total interpretive structural modelling’ has been utilized to develop and appropriately construe interpretive structural model of requisites and benefits of product innovation management. This paper may also help to practicing innovation managers of various Indian organizations to identify, understand and analyse ‘strengths and weaknesses’ of their organization in managing resources and activities involved in ‘product innovation management processes’. © 2017, Global Institute of Flexible Systems Management.