April 05 2023 at 05:42AM
Project selection factor for gaining competitive advantage
According to a recent study, 93% of executive leaders state that product innovation is critical to their organization's business strategy and long-term success.
However, the new product success rate stays low as more than 50% of new products fail to reach their targets. According to an article from Harvard business review, only 35% of projects to coined as successful competition in terms of realizing the intended benefit. So, why does the performance of product innovation or development initiatives continue to be abysmal in most organizations?
Studies show that the project selection process during the early phase of product innovation is one of the critical elements that can significantly impact the success of developing and launching new products. There is still a quest among practitioners and scholars to identify the critical selection factors organizations should consider when selecting a product idea with a higher potential for driving long-term success.
To adequately elaborate on the current issue of product selection and its impact on achieving business values that create a better competitive advantage, we are conducting research intending to have more understanding of "how companies make product selection at the front-end of product innovation and what the relevant selection criteria need to be considered."
Based on your knowledge and experience, please share your thoughts by taking part in this study which will take no more than 10 minutes of your time. We appreciate you completing all questions in the survey through the below link. At the end of the survey, you can note down your email; we will share the study results with you to appreciate your time and insightful contribution.
Survey link: https://lnkd.in/eufTtYK5
The data collected from this survey will be used to develop recommendations, leading to more efficient and effective (i.e., faster and more impactful) project selection practices by understanding the fundamental drivers behind product selection.
This research is supervised by Professor Aaron Shenhar, an international Scholar in project management, innovation, and strategic leadership.
