Though very few companies are completely satisfied with their new product efforts, it is clear that some companies do a much better job than others. Why are some companies able to achieve better results with new products than their competitors? How do they work around, or at least minimize, the risks and pitfalls in new product development that plague most companies? Each of these companies has its own development priorities and needs, but they all follow the same fundamental principles:
- They identify customer problems that offer attractive commercial opportunities.
- They think through their product/market focus to provide maximum commercial opportunity.
- They face up to fundamental cost and performance deficiencies.
- They ensure that all development efforts are directly linked to corporate and product/market strategies.
- They strike the right balance between investing in future products and generating current profits.
- They protect their proprietary positions and respond quickly to encroachments.
- They utilize cross-functional teams to guide new product and market planning.
- They are willing to go outside for new technology.
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