Abstract:
Design thinking is seen as an iterative approach to problem-solving and helps businesses to continuously reposition and think critically about business problems in a more human-centric way. The whole process creates innovative solutions to Prototype and Test, which helps companies set product goals, understand business outcomes, map out user journeys, prioritize Minimum viable product features, and create a future-oriented product roadmap. The Stanford Design thinking Model has been considered as one of the best models that elicit excellent results in both service delivery and product design and innovation businesses. The study sought to establish how design companies in Ghana are adopting design thinking and innovation strategies in their operations using the Stanford Design Thinking Model. A case study approach was employed to evaluate the operation of Cocoa Processing Company through interviews, observation and administration of questionnaire. The study found that almost all the stages of the design thinking process were practiced adequately except the prototyping and testing stages. Research have shown that over 700 new products has shown that approximately 60% of new products fail in the market place because there was no need for the product in the market; the product did not match the market need, poor market research, and poor product positioning. The study recommends that production companies consider implementing the design thinking process to create an exciting culture of innovation, empowers employees to think outside the box, reduce wastes, increase the speed to the market, and improve profitability. Monitoring and evaluation, the performance of the product in the market, as well as reactions to pricing, product quality, and packaging must be key consideration factors in such initiative. This will help proper pricing as well as collate data for future ventures and track the gains made after the introduction of the new, improved products.