Handbook of Research on New Product Development
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Handbook of Research on New Product Development

Edited by Peter N. Golder and Debanjan Mitra

New products are the major driver of revenue growth in today's dynamic business environment. In this Handbook, the world's foremost experts on new product development bring together the latest thinking on this vitally important topic. These thought-leading authors organize knowledge into useful and insightful frameworks covering all aspects of new product development: companies, collaborators, customers, context, markets, and performance. Managers will benefit from the handbook by expanding their knowledge of new product development and researchers will learn about opportunities to continue expanding on this body of knowledge.
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Chapter 12: Open Innovation in the brand management context

Roger J. Calantone and Hang T. Nguyen

Abstract

Open Innovation refers to the innovation process in which firms interact extensively with their environment, leading to a significant amount of external knowledge exploration and exploitation. As an emerging important business paradigm, Open Innovation has its own unique characteristics compared to the traditional Closed Innovation and thus poses tremendous opportunities and challenges for the innovative firms. This chapter provides a thorough review of the Open Innovation literature and discusses the significant role of strategic brand management in forming, developing, and managing successful Open Innovation.

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