Chapter 11: The effect of prior assessment of new product ideas on the performance of new product export ventures in international marketing
According to the literature new product development is crucial to an organization’s long-term survival and growth in today’s competitive global market (Brown and Eisenhardt, 1995; Cooper, 1979; 1988; 1993; 1994; Cooper and Edgett, 2003; Cooper and Kleinschmidt, 1986; 2003; Czinkota and Ronkainen, 2001; Felekoglu and Moultrie, 2014; Montoya-Weiss and Calantone, 1994; Kotler and Armstrong, 2004; Murphy and Gorchels, 1996; Terpstra and Sarathy, 2000; Wind and Mahajan, 1997). Most prescriptive marketing literature also covers the importance of developing new products and following a process to reduce the risk of failure (see, for example, Armstrong and Kotler, 2011; 2013; Kotler and Keller, 2009; Kotler et al., 2013; McCarthy, 2010, Perreault et al., 2013; Pride and Ferrell, 2010). However, although new products could be a major contributor to company growth and profit performance, the risks associated with innovation are as great as the rewards. According to Wind and Mahajan (1997), new product development is plagued by a high failure rate. Despite the high failure rate of new products most of the empirical studies in the new product literature focus on the domestic market (e.g. Cooper, 1979; Cooper and Kleinschmidt, 1986; Parry and Song, 1994), hence Douglas and Craig (1992) in their review of the international marketing literature as well as Cavusgil and Kirpalani (1993) called for more studies to be conducted on identifying the factors that contribute to the successful performance of new products in international markets.
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