ABSTRACT
In its broadest sense, technology is the flow of new ideas that are being researched and, if promising, enter a stage of development aimed to turn them into novel and useful products. From the beginning of the recorded history, the progress of mankind has been characterized by certain outstanding advances in science and technology. In modern times, which practically means since the mid-nineteenth century, advances in technology have become the scope and effort of research laboratories. Senior management should not delegate the responsibility of an innovation policy, but learn to deal more effectively with the internal politics of innovation decision making–overcoming organizational, and information barriers. Marketing should evidently enter into planning for innovation, and therefore into product decisions. Feedback information on new products is very important and its evaluation must be done rationally to avoid losing time, increasing costs, or blurring the issue.
