Discuss and elaborate upon the Product Innovation Charter, known as PIC (see chart on p. 68).

Who are the key stakeholders who usually help to develop the charter?

How important is a formal, written Product Innovation Charter to the long-term success of a company?

Provide 1-2 examples of strategy statements for well-known companies or businesses, and discuss how they should relate to the PIC?

FIGURE 3.5 The Product Innovation Charter Background Key ideas from the situation analysis; special forces such as managerial dicta; reasons for preparing a new PIC at this time. Focus At least one clear technology dimension and one clear market dimension. They match and have good potential. Goals and Objectives What the project will accomplish, either short-term as objectives or longer-term as goals. Evaluation measurements. Guidelines Any "rules of the road," requirements imposed by the situation or by upper management. Innovativeness, order of market entry, time/quality/cost, miscellaneous