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Nike's product development framework is unique in its customer-centric approach. Unlike traditional frameworks that may start with internal brainstorming or market analysis, Nike's process begins with idea generation directly from the consumers. This could be through design competitions or direct feedback. This approach ensures that the products developed are in line with customer needs and preferences. However, it's difficult to compare it directly with other business frameworks without specifying which ones. Each business framework has its own strengths and weaknesses, and their effectiveness can vary depending on the specific context and objectives of the company.
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Founded in 1964, Nike has maintained market leadership because of its attention to customer needs and its success in new product development. Founder Phil Knight says "Nike is a marketing-oriented company, and the product is our most important marketing tool." Nike uses a version of the stage-gate process as part of its product development process. The company's first stage is idea generation. At this stage, companies have a choice to source ideas internally or externally. Knight says "We used to think that everything started in the lab. Now we realize that everything spins off the consumer." Nike engages with customers for product ideas, whether it's through shoe design competitions or direct feedback through its websites.
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How do you stay innovative and provide the right values for customers? Effective product development allows companies to sustain, grow, and thrive in ...
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