First, fast, and on-time, the path to success. Or is it?

Abstract

The paper provides a critical examination of the three most significant and popular product development time performance measures: first-to-market, fast product development cycle time, and on-time schedule performance. The data show that none of these measures are very robust as guidelines for product success and profitability. To address their deficiencies three new, superior guidelines are proposed: first-to-mindshare, effective market introduction timing, and managed responsiveness. These new guidelines do not eliminate first, fast, and on-time as potentially valid strategies. They are merely saying that these strategies are no where near as universally effective as the product development literature and management gurus would lead you to believe. There are other, equally valid strategies, depending on the type of business environment and industry you are operating within. The three new tenets take this into consideration and create a framework that is more robust in that it allows for more diversity in your strategic options, and provides guidance for determining your optimal strategy.