Proficiency of New Product Development Activities in UK Manufacturing Firms

New products are major contributors to company growth and profits and a key factor in business planning. Despite its importance, new product development has long been recognised as one of the riskiest activities of business enterprises with factors such as shorter product life cycles, capital shortages, government restrictions, fragmented markets, changing competitive environments and rapid technological change operating to maintain risks at high levels. To reduce the risks there needs to be greater understanding of the determinants of success and failure in this endeavour and continuing efforts to apply such knowledge in product innovation management. One area in need of more intensive investigation is the New Product Process, the set of activities which move the product from the idea stage to the market launch of a product incorporating the idea.