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Product innovation practices are documented in the historic 1968and 1982Booze,Allen&Hamilton(BAH)studies followed by the Product Development and Management Association’s(PDMA)four longitudinal best practices/comparative performance assessment studies(CPAS)conducted since the 1990s.These significant NPD best practices benchmarking studies are reviewed within the context of evolution of product innovation practices during 1968-2012.The widening gap in share of profits from new products between the best NPD firms and the rest in 2012informs us that the Schumpeter’s theory of innovation is still relevant in current markets.The PDMA 2012CPAS found that in Asia,small enterprises were not very proficient in NPD.Where as large Asian enterprises needed 7ideas for one commercial success in line with the proficiency of North American enterprises,small Asian enterprises needed 18ideas for one commercial success.A key insight for small Asian enterprises from 2012PDMA CPAS is that it is more important to strive to become the“best”than endeavoring to introduce a large number of new products each year.Insights to improve NPD performance in SMEs are offered along with a systematic framework to achieve successful product innovation.SMEs can begin their improvement effort with self-assessment utilizing the three organizing principles for NPD and eight action categories outlined in the Thota framework for innovation.
Product innovation practices are documented in the historic 1968 and 1982 Byooze, Allen & Hamilton (BAH) studies followed by the Product Development and Management Association’s (PDMA) four longitudinal best practices / comparative performance assessment studies (CPAS) conducted since the 1990s.These significant NPD best practices benchmarking studies are reviewed within the context of evolution of product innovation practices during 1968-2012.The widening gap in share of profits from new products between the best NPD firms and the rest in 2012informs us that the Schumpeter’s theory of innovation is still relevant in current markets The PDMA 2012CPAS found that in Asia, small enterprises were not very proficient in NPD. Where as large Asian enterprises needed 7ideas for one commercial success in line with the proficiency of North American enterprises, small Asian enterprises needed 18ideas for one commercial success. A key insight for small Asian enterprises from 2012PDMA CPAS is that it is more importa nt to strive to become the “best ” than endeavoring to introduce a large number of new products each year. Insights to improve NPD performance in SMEs are offered along with a systematic framework to achieve successful product innovation. MEs can begin their improvement effort with self-assessment utilizing the three organizing principles for NPD and eight action categories outlined in the Thota framework for innovation.