Abstract
ABSTRACT Companies are dependent upon successful new product introductions for survival and growth. However, new product failure rates are high, caused in part by insufficient market information. The problem of high new product failure rates is particularly acute for small industrial firms, because they frequently lack the resources and expertise to conduct a thorough investigation when developing new products. New product models, as proposed in the literature, may be inappropriate for small industrial firms because they assume the firm has sufficient resources to complete an extensive assessment, and because they offer a standardized rather than a flexible approach. A comparison of the actual and normative approaches to new product development was addressed in a survey of small industrial firms in southwestern Ontario. The firms studied tended to conduct a thorough technical assessment of the new product (e.g., R&D and prototype testing) but were deficient in most other aspects of the process (e.g., fina...
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