Google: New Product Innovation at the Speed of Light
The similarities with other companies are: Google highly uses innovation in its operations and encourages employees to have time for their own creative works. The difference is a fast-paced innovation: it takes time to launch a product, because it takes much time for most companies to evaluate the market, approve the ideas on all levels of the firm, get finance for the development and launch the product. However, Google launches its products as early as possible and only then make some changes corresponding to market reaction. Also, most companies have at least two years plans for their new products, but Google plans only for five months.
Google’s product development process is customer centered and team-based, because they constantly evaluate needs and wants of the customers, and update the products based on the research results. However, Google’s process isn’t systematic: they don’t have strict plans and schedules for launching new products.
Most challenges for Google exist on the stage of introduction, because if innovators won’t like the product, it won’t have a success. Another challenge for Google is how to do product extension before they got into the decline.
Product portfolio can grow until it comprises to Google’s mission of making the information available to everyone. To explain, they can’t get into other markets, such as clothing etc., because there is nothing about the information in there.
Google has a potential to be successful where it doesn’t dominate, because all their products are innovative and complement each other. That’s how they create loyal customers. Also Google tries to be the first launcher of the new to outstrip competitors. So, they have all the background to to be successful in these markets.
