What Distinguishes the Top Performing New Products in Financial Services

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In this Subject: Business
By this author: Cooper R.G. ;&nbsp; Easingwood C.J. ;&nbsp; Edgett S. ;&nbsp; Kleinschmidt E.J. ;&nbsp; Storey C.

Authors: Cooper R.G.; Easingwood C.J.; Edgett S.; Kleinschmidt E.J.; Storey C.

Source: Journal of Product Innovation Management, Volume 11, Number 4, September 1994 , pp. 281-299(19)

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Abstract:

Despite previous comparisons of success and unsuccessful new products, an Important question remains unaddressed: What separates very successful new service products from the ordinary? Robert Cooper, Christopher Easingwood, Scott Edgett, Elko Kleinschmidt, and Chris Storey obtained data on 173 new financial services and identified three performance dimensions: financial performance, relationship enhancement, and market development. Of eleven potential success determinants, nine were found to be drivers of performance. Management implications included the need for a market-driven, customer-focused new product process, greater emphasis on planning and executing the launch, the role of product design, and project prioritization factors.

Document Type: Research article

DOI: http://dx.doi.org/10.1111/1540-5885.1140281

Publication date: 1994-09-01