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The development of new offerings is the engine that fuels the growth of a business enterprise. New product success is often attributed to intuition. Indeed, some offerings that stem from intuition do make it big. Yet many others crash and burn. These failures occur because intuition is only one aspect of new product development. The other key ingredient of success is having a systematic approach to developing new market offerings. Such a systematic approach for developing new offerings that create market value is outlined in this note. The discussion of the development of new offerings is complemented by an in-depth overview of two additional topics: the minimum viable offering and the key principles of prototype development. This note is an excerpt (Chapter 19) from Strategic Marketing Management: Theory and Practice by Alexander Chernev (Cerebellum Press, 2019).
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