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).

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).
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).

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).