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Benchmarking Best Practices: Performance Results and the Role of Senior Management

Robert G. Cooper and Scott J. Edgett

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Product innovation – the development of new and improved products – is crucial to the prosperity of the modern corporation. New product launches within the last three years account for about 30% of corporate sales, and there is a strong connection between successful product development and business valuation. Developing a steady stream of winning new products is no easy task, however. New products fail at an alarming rate, with only one-in-four development projects becoming a commercial success. Thus many managers, researchers and pundits have sought answers to the age-old question: Why are some businesses so much more successful at product development than the rest? In this report summary highlights are presented on several key topics – NPD performance results achieved and the impact and role of senior management.