The Importance Of Training In New Product Development

For small and large firms alike, New Product Development (NPD) represents an opportunity to create competitive differentiation, reach new markets, and grow revenues. Without differentiated new products, firms are often forced to compete based on pricing. Ultimately this will result in margin erosion and a loss of competitive advantage. According to a recent study by the Product Development and Management Foundation1, a key aspect of successful NPD is the NPD team itself. The study found that the companies which have the best NPD results do a better job of managing NPD teams.