Customer-centered new product development new ways to solve customer problems and create more customer satisfying experiences
Sequential new-product development company departments work closely together individually to complete each stage of the process before passing it along to the next department or stage
Increased control in risky or complex projects but may be slow
Team-based new-product development Company departments work closely together in cross-functional teams, overlapping in the product-development process to save time and increase effectiveness
Systematic new-product development
innovative development approach that collects, reviews, evaluates, and manages new-product ideas
Creates an innovation-oriented culture
Yields a large number of new-product ideas
Product development
Sales are zero and investment costs mount
Introduction
Slow sales growth and profits are nonexistent
Growth
Rapid market acceptance and increasing profits.
Maturity
Slowdown in sales growth and profits level off or decline
Decline
Sales fall off and profits drop