Product Management 505: What you don't know about product innovation - with Chad McAllister, PhD

In this episode of Product Mastery Now, hosted by Dr. Chad McAllister, we explore the crucial role of innovation in product management. Learn about the key aspects of innovation, including product development, customer needs identification, and maintaining market competitiveness. Discover how innovation acts as an economic engine for organizations and fosters growth. Dr. McAllister also shares insights on strategic planning, portfolio management, and the importance of aligning innovation strategy with corporate goals. Gain valuable knowledge on supply side vs. demand side innovation, the use of Business Model Canvas, and effective strategy models. Tune in to enhance your influence and elevate your career in product management, and learn more about the Rapid Product Mastery Experience (RPM) for professional growth. Don't miss this comprehensive guide to becoming a product master and driving innovation in your organization!

--Full show notes of this discussion at: https://productmasterynow.com/505

--All discussions with actionable insights and strategies for product managers, leaders, and innovators at: https://productmasterynow.com/mastery

--Training to prepare for and achieve the next step in your product career at: https://productmasterynow.com

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Timestamps:
00:00 Introduction to Innovation
00:04 The Role of Product Managers in Innovation
00:22 The Bigger Picture of Innovation
00:38 Participating in Organizational Innovation
00:51 Questions on Improving Innovation
01:02 Unlocking Your Potential as a Product Manager
01:20 Welcome to Product Mastery Now
01:34 Global Interest in Innovation
02:02 The PDMA Body of Knowledge
05:28 Supply Side vs. Demand Side Innovation
14:12 Business Model Canvas
23:57 Strategy and Innovation Alignment
25:55 Corporate Innovation Strategies
26:47 Exploring Strategy Models: Miles and Snow
29:52 Apple: Prospector or Analyzer?
34:23 Developing Effective Strategies
37:19 Portfolio Management Insights
38:26 The Rapid Product Mastery Experience
40:28 Organizing and Selecting Projects
47:25 Final Thoughts and Encouragement