Chapter Overview

Decisions about product design—including product features, brand names, related services, and warranties, for both goods and services—are among the most critical in differentiating one’s product from others to achieve competitive advantage. Factors to consider in making product decisions are provided in this chapter.
While speed to market is important in today’s fast-paced business climate, bringing the right products to market and keeping them current are far more important than seeking first-mover advantage for a product that customers don’t want.
Decisions about the depth and breadth of product lines must be carefully considered in market segmentation terms. Product lines that are too long or too short can place the company at a competitive disadvantage.
How the new product development process is managed, from a process perspective, is as important as what product decisions are made. The stage-gate system helps companies strike a balance between entrepreneurial creativity and business discipline in their new product efforts.
Though new products constitute the lifeblood of long-term success for most firms, most new products fail! Thus, product decisions, in both content and process terms, are critical to the successful implementation of business strategies.

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