New Product Development: A Literature Review

Abstract

States that the emergence of a formalised new product development can be attributed to the needs of companies in the capitalist system for maintaining a competitive advantage in their operating markets. Describes the process as one of innovation defined as:‘the technical, industrial and commercial steps that lead to the marketing of new manufactured products'. Belies the complexity of the function:’to describe new product development as difficult is probably a mammoth understatement'. Intends to illuminate the theory and practice of this process. Concludes that a flexible approach and an open mind are the most important requirements for successful application.