Market Research and the Fuzzy Front End
Download the entire white paper here for just $6.95 Download Now
Foundational Cornerstones of New Product Innovation
Profitable New Product Innovation requires executing three key foundational principles with excellence. Each of these principles is supported and maintained by the people that ensure effective organizational structure, easy-to-use systems and tools, as well as targeted market research to support the technical innovations. Sustaining the New Product Development (NPD), these foundational principles are summarized here.
- Senior Leadership Team provides clear strategic direction for the NPD team by defining the market, the technology, and the desired product.
- Timely Portfolio Management reviews focus resources on the right projects by evaluating match with business strategy, financial and economic models, and/or other scoring methods.
- Efficient, stream-lined NPD Processes enable and empower the NPD team by allowing effective and efficient market research methods within the advantaged market and technology platforms.
Innovation Strategy is incorporated into the decision making process for Portfolio Management as well as selection of projects to enter into and continue through the NPD Process. Portfolio Management ties together the Business and Innovation Strategies with NPD project balance and mix. Running throughout these systems is the idea that teams and organizational structures are supported by, not hampered by, the New Product Development process.
Read on…PDMA Best Practices
© 2010-2011 Global NP Solutions, LLC
