Rapid changes in today's markets, and increasing consumer sophistication, call for companies to deliver a steady stream of product innovation. This in itself is demanding enough, yet product innovation is much more than inventing products. In order to drive growth and profitability across the enterprise, R&D needs to be positioned effectively at the center of innovation and driven by understanding of market needs and integrated with the overall business model and effective operations. Effective product innovation cannot be driven by science and technology alone. Companies, particularly those in China, are now trying to master the complex art of managing product innovation.

Continuing our series on innovation in China, this paper focuses on product innovation. We highlight the key challenges in addressing and managing product innovation and, more importantly, identify and discuss the six fundamental capabilities required for such innovation:

• Marketing planning
• Portfolio management
• Platform management
• Pipeline management
• Collaboration strategy
• Creative culture

This white paper was published in September 2007.

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