Product and brand failures occur on an ongoing basis, to varying degrees. They are part of the process of learning and growing. Innovation management can help organisations coordinate amongst themselves to eliminate challenges and maintain a transparent, company-wide innovation system.
The process of developing a new product – whether it is a tangible, physical good or intangible, like a service, experience or belief – requires a systematic method to launch and commercialise it. NPD typically comprises 7 stages, from the initial idea through to its introduction on the market, and can be aligned with good idea management practices.
The pressure on businesses today is intense. To remain competitive, or even relevant, organisations must have the ability to innovate and to test, fail and succeed quicker in developing a new offering and new features. New product development can provide companies with fresh opportunities and has become increasingly crucial in the modern-day business battleground.