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Proposes a new product implementation process which is designed to reduce the risk inherent in new product introductions in consumer markets. Defines the stages of this process as idea generation, idea screening, conceptual development and testing, business analysis, product development, test market, and product introduction. Concludes that this process differs from previous models in suggesting a team be created to manage the development, speeding up the tasks in each stage.

Two trends confront managers in the 1990s. Technology will become increasingly important, and firms will tend to become more “market‐oriented”. This will pose considerable challenge to managers responsible for the development and commercialization of new products. Argues that traditional approaches will not work because time‐to‐market will have to be reduced, product technology content will have to be increased, and competitive intelligence will have increased impact on development efforts. Discusses traditional approaches to product development and commercialization and presents a model which integrates engineering concepts and market‐oriented perspectives.

Strategy is examined, using newness of products, markets and technology as the variables. An understanding of newness with reference to the concept of continuous vs. discontinuous innovation along these three dimensions could facilitate evaluation of market and profit potential and the risk factor. Furthermore, this classification system may suggest new business opportunities by indicating gaps in the market and pointing out the critical factor(s) associated with those gaps.

Looks at the use of test‐marketing among European financial institutions. A total of 46 companies participated in the study. It is shown that, on average, test‐marketing is the least frequently conducted new product development stage (16‐18 per cent). It is also the least proficiently managed. Describes five factors that inhibit the use of test markets in the financial services sector: it is just as costly to test‐market as to launch; the new product is a copy of a competitor′s product; the value of the product has been established earlier through research; it is difficult to produce test‐market conditions; it is unwise to delay the product′s launch for competitive reasons. Finally examines some of the purposes of test‐marketing.

Explains that while vast socioeconomic change in today′s competitive climate mean that there is a greater need for a more unified approach to new‐product development, relationships among marketing product management, market research and research and development have deteriorated significantly in the modern corporate structure. Describes the various factors related to this problem which make developing successful new brands even more difficult, continuing with a summary of an ideal New‐Product Development Programme. Concludes with a summary of the main points to be gleaned from the suggested programme.

As we move towards a global economy, success will be determined by how well countries are able to compete in international markets. Japan has realized the importance of implementing custom‐made marketing programmes to support products, as well as designing products to fit customer needs. This Japanese way of marketing is quickly becoming the competitive wave of the future, and many countries may benefit by incorporating Japanese marketing methods into their own marketing style. Thoroughly examines such areas as the development of marketing, marketing philosophy, marketing departments, promotion, distribution, and the final marketing product, to give the reader a better understanding of Japanese marketing.

Suggests that frequent review of product sales performance is essential to the planning and control process. Investigates those products which have reached maturity or saturation stage of their product life cycle and reviews these in order to decide on their future product strategy. Evaluates the policy options available to management.

Market research experience in new household, hair care, and food products have shown that in recent years the odds of bringing a successful new product to market have decreased significantly. This decrease is due to:

The product life cycle is the cornerstone to understanding product/market behaviour, but it is not well suited to the analysis of industrial markets. In the industrial marketplace technology can be isolated as the dominant variable, explaining variations in sales over time for a product category. New “high‐tech” firms must make the critical decision early in their life as to whether to follow their technology through its life cycle, adapting to the needs of each stage it goes through, or whether to specialise in one particular stage of technology and continually develop new products to replace those that progress to later stages of the technological life cycle.

The treatment of marketing expenditures will influence how the firm makes decisions. This paper discusses the relationship between the firm's marketing effort and the firm's marketing investment. Current practice in most companies dictates that marketing costs are treated as expenses and this leads to marketing executives lacking the required information for effective decision making. Often the wrong pressures are placed on the marketing function resulting in poor marketing decisions and consequently affecting the financial performance of the firm.