managers, about three-fourths of the firms investigated had a formal new product policy of some type(that is, at least a partial PIC), while 29 percent reported having a formal, written PIC A more recent study of senior executives found that rates are substantiaily higher in cases where the PIC has detailed and specific content, and where there is general satisfaction with the new prod- ucts process within the firm. The more specific the corporate mission is presented in the PIC, and the more clearly senior management's strategic directions are spelled out, the better the performance of new products developed by the firm. The value of PICs is clearly shown in the CPAS study introduced in Chapter i in that study, 86 percent of the"Best" firms had a PIC, as opposed to only 69 percent for the"Rest. The components of a PIC are provided in Figure 3.5. in the PDMA study, well over 80 percent of the firms had formalized at least some of these components. To ensure that the PIC is effective, it should be put in place early by senior manage- ment and the latter should stay involved and not delegate its implementation.