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In today's volatile and fast-paced business
environment, every company knows that its ability to create
and launch new products is the key to sustainable growth.
The combined effects of technology advancements, deregulation,
increasingly sophisticated and demanding customers, and
competition from non-traditional sources such as the Internet
and hybrid industries, are increasing the pressure to innovate.
While manufacturers have long recognized the need for effective
product development as a competitive weapon, service industries
-- such as banking, insurance, financial services, communications,
utilities, and retailing -- often lack the rigorous, disciplined
approach necessary to pick the right projects and see them
successfully to market. The result? Nearly forty percent
of new service offerings fail.
In Product Development for the Service
Sector, product development experts Robert Cooper and
Scott Edgett present, for the first time, a comprehensive
approach to product development tailored specifically for
the dynamics of service industries. Drawing from their own
extensive primary research and the experiences of pioneers
like Sprint, Visa, Marriott, and the Pennsylvania Energy
Company, the authors identify the nine critical steps for
achieving project success -- from doing solid, up-front
homework to ensuring a quality launch effort. They also
show how the Stage-Gate™ product development process,
already widely employed by product leaders around the world,
can be used by service companies to choose the most promising
projects, allocate resources accordingly, and manage the
portfolio of projects profitably over time. Supplementary
diagnostic tools help executives and managers immediately
assess their own organization's capabilities and identify
areas for improvement.
For companies that invest the time and energy
in developing a rigorous product development process, the
direct benefits can be enormous: enhanced corporate reputation,
heightened customer loyalty, easier cross-selling of existing
services, increased leverage of internal knowledge, and
the ability to attract new customers. Whether your company
is considering a service-line extension or experimenting
on the frontier where products and services meet, Product
Development for the Service Sector will provide essential
tools for achieving and sustaining a competitive edge.
Robert G. Cooper is Professor of Marketing
at the Michael G. DeGroote School of Business, McMaster
University. Creator of the widely employed Stage-Gate™
product development process, he is the author of Winning
at New Products, Product Leadership, and, with
Scott Edgett, Portfolio Management for New Products.
He lives in Oakville, Ontario.
Scott J. Edgett is Associate Professor
at the Michael G. DeGroote School of Business, McMaster
University, and Director of the Product Development Institute.
He lives in Ancaster, Ontario.
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