Simultaneous new product development: Reducing the new product failure rate

Abstract

While several product development models have been reported in the literature, the rate of industrial new product failures continues at an unacceptable level. Some authors have proposed the integration of the marketing strategy development process prior to, during the "up-front" stages, and after the completion of the product development process. Still the failure rate remains high. The proposed Product Development Life Cycle model provides for the integration and simultaneous development of the product and the strategy development processes, and provides the industrial marketing manager with a systematic process for reducing the failure rate of new industrial products in the marketplace. © 1989.