New Product Development - Research Article from Encyclopedia of Management

This encyclopedia article consists of approximately 9 pages of information about New Product Development.

New Product Development - Research Article from Encyclopedia of Management

This encyclopedia article consists of approximately 9 pages of information about New Product Development.
This section contains 2,552 words
(approx. 9 pages at 300 words per page)
Buy the New Product Development Encyclopedia Article

The dynamics of markets, technology, and competition have brought changes to virtually every market sector and have made new product development one of the most powerful business activities. The monumental changes that constantly impact commerce have forced companies to innovate with increasing speed, efficiency, and quality. In turn, this has made new product development one of the most complex and difficult business functions. However, firms must innovate in order to survive. The power of innovation is revealed in numerous studies, which show that companies leading their industries attribute about half of their revenues to products developed in the most recent five years. By comparison, companies at the bottom of their industries achieve approximately one-tenth of their sales from new products.

A firm's new product development efforts are shaped by its size, as well as the nature of the industry in which it operates. New...

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This section contains 2,552 words
(approx. 9 pages at 300 words per page)
Buy the New Product Development Encyclopedia Article
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New Product Development from Gale. ©2005-2006 Thomson Gale, a part of the Thomson Corporation. All rights reserved.