Report on Product Innovation Charter of a Manufacturing Company
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 it is the essential link between company’s product development effort and company’s corporate strategy.
It is the heart of any organized effort to commercialize a new product. It contains the reasons the project has been started, the goals, objectives, guidelines, and boundaries of the project. It is the "who, what, where, when, and why" of the product development project.
Through a Product Innovation Charter, a company can plan to produce those products which can sustain in the market by making profit.
THE OBJECTIVE OF THE REPORT
Product Innovation Charter is the basic in producing or developing product of company. As a manufacturing company of dairy product, BDFP trying to add new product in product line while working for development of existing products.
The objective of the report is to understand the different guidelines for BDFP to produce such product.
SCOPE
The scope of this study is to analyze the Product Innovation process of the Dairy Food Process of BDFP. Since BDFP is the manufacturer of variety of Dairy product, we have tried to collect information about the Product Innovation process from the company as much as possible. Based on which we would try to understand background of the line of
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 it is the essential link between company’s product development effort and company’s corporate strategy.
It is the heart of any organized effort to commercialize a new product. It contains the reasons the project has been started, the goals, objectives, guidelines, and boundaries of the project. It is the "who, what, where, when, and why" of the product development project.
Through a Product Innovation Charter, a company can plan to produce those products which can sustain in the market by making profit.
THE OBJECTIVE OF THE REPORT
Product Innovation Charter is the basic in producing or developing product of company. As a manufacturing company of dairy product, BDFP trying to add new product in product line while working for development of existing products.
The objective of the report is to understand the different guidelines for BDFP to produce such product.
SCOPE
The scope of this study is to analyze the Product Innovation process of the Dairy Food Process of BDFP. Since BDFP is the manufacturer of variety of Dairy product, we have tried to collect information about the Product Innovation process from the company as much as possible. Based on which we would try to understand background of the line of