Overhauling the new product processes
Article Abstract:
The three cornerstones of successful product development are process, strategy, and resources, according to the benchmarking study reported in this article. Of the three, having a high quality new product process had the strongest impact on business's new product performance. A high quality new product process meant: an emphasis on up-front homework; sharp, early product definition; the voice of the customer evident throughout; tough go/kill decision points; a focus on quality of execution; and a thorough yet flexible process. The research results point strongly to a need to overhaul firms' new product processes - from idea to launch - to incorporate these and other key success drivers, such as the quest for real product superiority, and the need for true cross-functional teams. The goals of an effective new product process - that is, the specifications or key elements of a high quality process - are outlined, a vital starting point to any process reengineering exercise. The article ends with a quick look at a third generation stage-gate or new product process, together with some tips and hints on how to proceed to overhaul your company's new product process. (Reprinted by permission of the publisher.)
Publication Name: Industrial Marketing Management
Subject: Business, international
ISSN: 0019-8501
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
Criteria for screening new industrial products
Article Abstract:
The criteria used by production managers to decide whether a new product idea should be developed are identified and evaluated, through personal interviews with managers at 45 industrial corporations. A content analysis of the data uncovered in these interviews revealed 86 screening criteria used by managers when considering the feasibility of potential new products. These criteria can be categorized as: product opportunity criteria, which indicate the product's advantages over other products, its financial potential and its product life; market opportunity criteria, which identify the size of the product's market, its rational market and its domestic market; and strategy criteria, which identify the product's diversification and marketability to the manufacturer. Of these, the most important criteria were related to the financial potential of the product concept.
Publication Name: Industrial Marketing Management
Subject: Business, international
ISSN: 0019-8501
Year: 1984
User Contributions:
Comment about this article or add new information about this topic:
Do customer partnerships improve new product success rates?
Article Abstract:
This empirical study investigates the impact of customer partnering in new product development by comparing the performance of new products undertaken in partnerships versus those developed in-house. The results demonstrate that overall, partnership projects were no more successful than in-house projects. This surprising result was true regardless of the performance metric used. Not all new product development is improved by close cooperation with customers. (Reprinted by permission of the publisher.)
Publication Name: Industrial Marketing Management
Subject: Business, international
ISSN: 0019-8501
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Bourses fuel pressure to cut cash holdings. Unconventional approaches to success. Sit tight and wait it out
- Abstracts: Can you buy a business relationship. The negogiation process as a predictor of relationship outcomes in International buyer-supplier arrangements
- Abstracts: The one way to fight the Japanese: an assessment of the threat and some appropriate corporate responses. Japanese aid: more than a rising sun
- Abstracts: China's open door policy and the prospects for FDI. Foreign direct investment in the European Community: a brief overview
- Abstracts: Industrial distributor selling: the roles of outside and inside sales. Key problems facing industrial distributors