Strategic marketing planning: theory and practice

Abstract

International interdependence of markets, technological advances, competitive and consumer dynamics and increased intensity of and speed of communication require that organisations relearn and reconfigure the competences needed to review and reconstitute their products and services. This chapter discusses the activities, sequence and organisation that are required to develop new products in the light of an extensive body of research into what distinguishes successful from unsuccessful new products. The chapter introduces the new product development (NPD) process model and its usefulness in the NPD context. It outlines the key practical considerations for their implementation. The main critical success factors for NPD, which have been revealed through research, have been woven into the discussion of the process models commonly exhorted as the blueprints for success. One of the most prevalent themes running throughout the contributions on setting new product strategy is the balance between technical and marketing emphasis.

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