Summary:

Mr. Baldwin highlights key elements in any new product development process. These elements should include market intelligence equipped to provide well-thought-out analyses of potential new products and markets; Development capabilities sufficient to develop the new products specified by the market intelligence; production capabilities appropriate to make the products developed; marketing and sales abilities to promote and sell the products; distribution/logistics with the capacities to stock and deliver the products as needed. All of these elements must be included for a successful new product launch.

Article Quote:

“By properly analyzing your customers’ wants and requirements, what your competition is offering and what your company is capable of delivering, market intelligence should help your company focus its product development process on those projects which show the best possibilities for success in the future.”

Link: http://www.cssp.com/strategicplanning/blog/?p=528

By far the most relevant element in any new product development strategic plan is gathering market intelligence. Developing a clear understanding of what customers want, what the competitors are offering, and coupled that with an accurate financial analysis of what your company is capable of producing, marketing, and delivering is critical to a successful launch.

After launch, monitoring results of the strategic plan with performance technology that allows users immediate visibility on the various departments and their performance gives executives greater control over the entire process.

For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/