Editing New product development (section)

==== Innovation management ====
In order to successfully manage the new product development process, companies must have an [[innovation management]] system in place. This system helps to ensure that all aspects of new product development are taken into account and that the company is able to track and assess the progress of new products. The innovation management system should also help to foster a [[culture of innovation]] within the company, which can help to increase the chances of success for new products.{{citation needed|date=March 2023}} Marketing writers Hyman and Wilkins argue that a company's rate of product innovation should fit between the extremes of being so rapid that "its core range decays" and so slow that its product range "become[s] obsolete".<ref name=hw>Hyman, J. and Wilkins, A., [https://static1.squarespace.com/static/5fc659a516f6d44b07e3cc93/t/5ffb1884d756af1ec08d0ab7/1610291334534/Where-customers-needs-meet-suppliers-expertise.pdf Where customers’ needs meet suppliers’ expertise (getting Marketing back to its roots)], Creative Problem Solving Group, ''Communiqué'', volume 13, pp 21-25, 2002, accessed 29 August 2023</ref>

===== Innovation manager =====
An innovation manager is a senior person appointed to be responsible for implementing and managing the innovation management system.{{citation needed|date=March 2023}} They are also responsible for ensuring that all aspects of new product development are taken into account and that the company is able to track and assess the progress of new products.{{citation needed|date=March 2023}}

===== Cross-functional innovation management committee =====
A cross-functional innovation management committee is a team of individuals from different company departments, including [[marketing]], engineering, design, manufacturing, and [[research and development]], who are responsible for overseeing and managing the new product development process. This committee helps to ensure that all aspects of new product development are taken into account and that the company is able to track and assess the progress of new products. Companies may get a better overall picture of new product development by putting together a cross-functional team, which can help generate fresh ideas and give assistance in evaluating them.