Developing a Practical Plan for International Product Development & Innovation

Background

1. TASK

Background

Karina Jensen, in her book “Leading Global Innovation” (2017) examined the problems faced by global business in developing innovative products for the different markets of the world. The global market is looking for both standardized and personalized products. The challenge is to critically examine the processes of managing a multinational team to create and develop new products and services that are appropriate to the market into which they will be sold. Jensen (2017) believes one of the greatest challenges in global innovation is to involve multinational teams, understand their needs, and to develop appropriate leadership behaviours that will optimize the outcomes of multinational teams

ASSIGNMENT TASK

You are the new Director of New Product Development & Innovation in your company’s headquarters (home country). The company has branches in several countries (host countries)

Traditionally, all new product development has been done by staff in the home company, with the branches only been involved in the marketing and selling aspect of the new product in their respective countries.

Concerns from the branches have been raised in the past over the lack of cooperation and communication over new product development which has resulted in many products lacking the design and features relevant to their markets. This has resulted in a less than enthusiastic effort by the branches in marketing the products locally, especially in the face of buyer resistance and competitor’s products that are often more suitable for their local markets.

With the company about to begin to develop a new innovative product for its international market, you are determined that you will listen to the complaints of the past and develop a completely new product innovation pathway that will take into consideration international and multicultural engagement in the product development process.

You are required to produce a business plan that would be very practical and would address in different stages, the various aspects of innovating, developing, delivering, and launching a product in cross-border, cross-cultural markets.  

As part of this plan, you will address the various aspects of cross-border managerial engagement, the relevant organisational mechanisms that will facilitate multicultural collaboration, change management challenges and leadership requirements.

Task Considerations

· You need to chose a HOME country and a HOST country that are different and diverse, and in different areas of the cultural spectrum (refer to Hofstede cultural dimensions theory)

· You need to identify a specific PRODUCT for your business development plan

· Your plan needs to be very PRACTICAL and REALISTIC, and not just a repetition of theory and models from your notes

· To develop a product suitable for an international market, discuss how you would organize and plan this collaborative project, including:

1. international and multicultural engagement in terms of innovation steps of idea development & creation, strategic planning, validation and execution

2. The five organizational mechanisms that influence multicultural collaboration: leadership behaviour, innovation strategies, knowledge sharing structure, communications vehicles and organizational culture & team climate

3.What “change management’ challenges might be face in realigning your organization to a global multicultural collaborative company? How would the firm organize the change process? What resistance might be faced?

4. Identify and discuss what leadership qualities would be required to manage a global collaboration process, with a diversity of cultural perspectives?