New Product Development

7. Long-term Planning

You need to adapt and innovate constantly to stay ahead of the competition.

7.1 Plan for new product development on a scheduled basis.

• Extend product life cycles by repackaging, adding new features and finding new applications for the product.
• Do not wait until competitors launch their 'next generation' product before starting on your own (see Innovation).

7.2 Budget for new product development.

• Put aside money to make improvements, and money for totally new products.
• Set targets, each year, for the number of improvements or new products you aim to complete.