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Innovative Product Launch
Your company is working on an innovative product, which is expected to be ready for launch in next three months. You have already spent $10mn so far and another $2mn is required to complete this project.
A new development has taken place. Only yesterday, you have come to know that your competitor is ready to launch a similar innovative product by next month. This product is better, packed with good features and is also less expensive than your product.
You need to decide whether to continue with the project and release $2mn budget for this project. What will you do as CEO?
Photo Adaptation : pixabay / illustrations / tag-label-new-red-shop-sticker /1703954
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The type of thinking we do!
We engage in various types of thinking for solving different problems. Thinking is a problem solving process. A process in which we reason about something. Types of thinking, we do · Concrete thinking – When we think in terms of our perception of actual or concrete things. Also called perceptual thinking. · Conceptual thinking – When we use concepts and languages. Also called abstract thinking. · Reflective thinking – When we solve complex problems and use facts and knowledge in a logical way to arrive at the solution. · Creative thinking – When we create or construct something new or novel thing. Also called thinking out of the box. · Critical thinking - When we evaluate everything and step aside our belief system to discover the truth. · Divergent thinking – When we explore a number of alternatives. · Convergent thinking –When we combine a number of ideas to arrive at a solution. · Associative thinking – When we think which is non-directed and without a goal · Linear thinking – When we process information in a sequential manner. · Gestalt Thinking – When we see the big and whole picture.
Cognitive abilities such as thinking, reasoning and problem-solving are some of the key characteristics which distinguish us from other species.
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