Product Development Know-How: Trading Tactics for Strategy

The conventional wisdom in new product development and technology management is tactical and not strategic in nature. As a result, technology management and new product development remain segmented domains when they should be closely coupled, and neither manages to utilize the competitive potential of technological change. Based on a detailed study of over 2 dozen companies faced with technology challenges, 5 key elements of both technology management and new product development can be identified: 1. the assignment of management responsibilities, 2. the role of functional departments, 3. the nature of planning, 4. the means of protecting competitive advantage, and 5. the link between technology management and new product development. Management activity needed to affect change in these areas include: 1. greater involvement, 2. more attention given to the interfaces between the key functional areas of the business, and 3. applying the attitude that management's role is to help build capabilities.