Most new products are improvements or minor line extensions and may attract almost no attention. Other products will receive extensive coverage.
NPD speed has become increasingly important for managing innovation in fast-changing business environments, due to continuous reduction in the product life cycle time and increase in competition from technological advancements and globalisation.
In large firms, there are considerable differences in formal new PD practices with different classes of projects, such as: incremental, more innovative and radical. The management of the process varies with respect to the formal PD process, project organisation, PD strategy, organisational culture and senior management commitment. Research indicates that radical projects are managed less flexible than incremental projects. As the level of innovation increases, so does the amount of control imposed. For example: less flexibility in the development process, more professional, full-time project leadership, centralised executive oversight for new products, and formal financial assessment of expected new product performance.
Trott, P., 2008. Innovation management and new product development. Pearson education.