Chapter 8 New Product Development*

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Chapter 8. New Product Development*. by John R. Hauser, MIT. and Ely Dahan January 10, 2007. Chapter in Marketing Management: Essential Marketing Knowledge and Practice Rajiv Grover and Naresh K. Malhotra, Editor McGraw Hill, Inc., Columbus Ohio Draft corrections by John Hauser, July 22, 2008. *Some sections of this Chapter were adapted from Dahan, Ely and John R. Hauser (2003), " Product Management: New Product Development and Launching," Handbook of Marketing, Barton Weitz and Robin Wensley, Eds, Sage Press, (June), 179-222. Hauser and Dahan 1.

Unfortunately, new product development is an extremely challenging and complex process. Innovation is inherently risky, and firms may invest considerable time and money in