BUS 645 - New Product Lab
New products represent a significant source of growth for most firms. A best practices study showed that the top performing firms generated almost 50% of current sales from new products. It also showed that among the successful new products studied, half generated at least a 33% return on investment. New product development also represents a significant investment – over 100 billion dollars is spent annually on the technical phase alone. While many people associate new products with technology – iPods, YouTube, and the latest pharmaceutical, most new products are far simpler – zero calorie colas, new musical groups, and the latest version of a ballpoint pen. Students interested in brand management, marketing strategy, and even consulting careers will find understanding the new product development process invaluable.