Among the strategic alternatives available to consumer goods firms, none is more central than new product development and innovation. For most CPG manufacturers, however, generating meaningful innovation is also a continuous challenge. Consumer goods executives report that they find it easy to develop new products, but have real difficulty developing products that are truly innovative.
For a long time, the consumer goods industry seemed to lead other sectors in innovation. However, in recent years, while it appears that consumer goods firms are launching more new products, fewer of the offerings being introduced are high-business-impact, game-changing innovations.
This white paper explains how a balanced portfolio that combines low-risk line extensions and high-risk, potentially higher-return new products and new brands can be achieved by improving execution of the base gated innovation process methodology.