What Role Does Product Knowledge Play in Innovation?
Product knowledge plays a critical role in innovation by:
1. Identifying Opportunities: Leaders with a deep understanding of their products can more easily identify opportunities for innovation, whether through new features, enhancements, or entirely new products. 2. Risk Management: Knowledgeable leaders can better assess the risks associated with new product developments and make informed decisions to mitigate these risks. 3. Competitive Advantage: Staying ahead of competitors often requires innovative thinking. Leaders who understand their products can more effectively leverage this knowledge to develop unique selling propositions.