A process model for industrial new product development

Abstract

What steps should the industrial new product manager take to improve new product performance? This article pulls together the findings from the many research studies into what makes a new product a success. Six important lessons for managers are developed from those studies. The lessons point to a flow model approach to the development and commercialization of a new product — a step-by-step approach to successful product innovation. A seven-stage model, designed to move a product from the idea stage to product launch, is described. Actual case histories illustrate how each stage of the model can be implemented.