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Success Factors for New-Product Development

Part 5. Product Innovation and Management

  1. Robert G. Cooper,
  2. Elko J. Kleinschmidt

Published Online: 15 DEC 2010

DOI: 10.1002/9781444316568.wiem05021

Wiley International Encyclopedia of Marketing

Wiley International Encyclopedia of Marketing

How to Cite

Cooper, R. G. and Kleinschmidt, E. J. 2010. Success Factors for New-Product Development. Wiley International Encyclopedia of Marketing. 5.

Author Information

  1. McMaster University, Hamilton, Ontario, Canada

Publication History

  1. Published Online: 15 DEC 2010

Abstract

The main factors impacting success at the project and the firm levels are identified on the basis of numerous empirical studies. The factors at the project level are a unique superior product, strong market orientation, global orientation, predevelopment work, early product definition, project-team organization, and leveraging core competencies. Differences in factors for highly innovative versus incremental projects are discussed. The main factors for success at the business level are the right organizational culture, an innovation strategy, resource commitment, top management support, portfolio management, and a multistage, disciplined, new-product development process. Details of these factors are provided and their application in industry is outlined. Performance differences between highly successful projects and business and less successful ventures are described.

Keywords:

  • product innovation;
  • success factors;
  • incremental development;
  • breakthrough projects;
  • portfolio management;
  • multistage development process;
  • Stage-Gate®