Risky business of new products: But can companies afford not to try?

Abstract

Purpose

To study the risks, and benefits, to companies or introducing new products to the market.

Design/methodology/approach

This briefing is prepared by an independent writer who adds their own impartial comments and places the findings in context.

Findings

Ahn‐Sook Hwang describes Korean cosmetic company AmorePacific's integrated approach to innovative technology, marketing and management to win market share against domestic and global competition. Patrick Barwise and Seán Meehan say, as products and services become more and more alike, customers aren't looking for “something different”, but something which works well. Anurag Sharma and Nelson Lacey study the new product development process of the US pharmaceutical industry to determine whether or not a steady stream of new product innovations has a beneficial effect on firm performance.

Originality/value

Prompts organizations to ask themselves why they are introducing new products. Introduces the argument that striving to “be better” may be an alternative to a constant search for new products.

Citation

(2005), "Risky business of new products: But can companies afford not to try?", Strategic Direction, Vol. 21 No. 2, pp. 20-23. https://doi.org/10.1108/02580540510576688