ABSTRACT
Today’s successful organizations learn and re-learn how to deal with the dynamics of consumers, competitors and technologies, all of which require companies to review and reconstitute the products and services they offer to the market. This, in turn, requires the development of new products and services to replace current ones, a notion inherent in the discussion of Levitt’s (1960) Marketing Myopia. Over the years, much research has reported success rates for product innovation as between 35 per cent and 75 per cent, with a very recent study of the innovative practices in the UK showing an average success rate of 65 per cent (Hart et al., 2007). Although the success rates differ across different industries, technologies and states of product-market maturity, the persistence of significant levels of failure remains a concern for those developing new products and services alike.
