Product development approaches in established firms

On the basis of an empirical study of large U.S. and U.K. firms, it is shown that product modification and updating (old product development) needs to be managed differently from the development of completely new products. Two groups of firms are compared: one group has experience of regular product change, and the other is less active in this respect. The authors present managerial scenarios for the development of old and new products which will help practitioners identify strengths and weaknesses in product development practices.