Strategy-focused product innovation with product scorecard and product innovation scorecard

This paper shows how strategy-focused product innovation can be done with a product scorecard and a product innovation scorecard. A product scorecard is a performance measurement system that allows the product managers to view the product performances from several perspectives simultaneously. A product innovation scorecard is a performance measurement system that allows the product innovators to view the product innovation from several perspectives. A product scorecard and a product innovation scorecard like a balanced scorecard is not a list of measures; it is a description of the product strategy and product innovation strategy respectively. Both the scorecards start with a description of the strategy by the strategy map of balanced scorecard. The uses of a product and product innovation scorecards are evaluation, adoption, positioning, life-cycle management, growth management and more for a product and a product innovation respectively. A product scorecard is used to create the new requirements of a product innovation according to the financial goals or the mission whichever is appropriate. A product innovation scorecard is used to measure the performance of the product innovation during the continuous product innovation process by the product innovators.