Abstract
AbstractWe develop a model of new product development which may inform decision‐making on innovation and knowledge management in this paper. The new model combines extant theoretical framework and actual practice from a leading Food and Beverage chain in Hong Kong to illustrate how evidence‐based management (EBM) can be practiced in new product development. Some salient features of the model include generating new ideas constantly, improving success rate of new ideas, and ensuring collaboration among internal functions. This paper showcases EBM by synthesizing theoretical knowledge and practical wisdom and bringing together academics and practitioners to better understand a new product development model that can be generalized to other companies and industries. Copyright © 2010 John Wiley & Sons, Ltd.
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