Perspectives from Strategy, Product, Process and Human Resources Research
Edited by Vida Škudienė, Jason Li-Ying and Fabian Bernhard
Chapter 4: Exploring best practices of new product development
As new firms enter the market while others attempt to remain competitive in the increasingly crowded global-business landscape, developing and introducing new products is often utilized as an attempt to gain market share or edge out the competition. Developing new products, especially those that are new-to-the-world, is more arduous and risky than managing existing product lines. By following best practices in New Product Development, firms can increase their chance of success and minimize their failures. This chapter gives an overview of key best practices in the New Product Development process from inception to success for those products that are new-to-the-world or have significant changes or improvements.
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