On average, new product development (NPD) consumes about two-thirds of the R&D activity
in any organization. It is one of the main focus areas for R&D management and often the
most difficult to get right.
New products are vitally important to the survival and success of your organization.
"New" is commonly understood to mean products that have been on the market for five years or less.
Your product strategy should recognize that both the rate of new product introduction
and the contribution from new products to corporate sales is steadily increasing.
One goal of your product strategy should be to meet a certain target of revenue
contribution from new products. For example, new products that have been on the market
for only 12 months contribute to 50% of revenues for Medtronics, a medical devices technology organization.
Read more about important product development topics. If there is a topic
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