Innovative processes in new product and service development

Abstract

There are many processes for new product and service development. The common shortcomings of these models are being linear and excluding feedback loops, lacking of customer or supplier involvement, and not being connected to market conditions before the actual rollout of the products. This chapter reviews the existing new product development processes and sheds light on two new models: (1) customer development and (2) lean startup in terms of customer feedback, market connection, and product revision.