Maximizing the success of new products.

"NEW PRODUCTS DRIVE BUSINESS GROWTH AND PROFITABILITY," SAYS Roland Owens, co-owner of Mobile Technics, an IT consulting, project management, and software solutions firm in Los Angeles. "Unfortunately, the route for getting those products to market is treacherous and failure is common."

Determined to rev up his company's product-launch efforts and blow past marketplace roadblocks, Owens attended the University of Chicago's executive education class, New Product Development in Innovation, earlier this year. He states that the weeklong class mapped out a course to successfully take new products from idea to delivery. Owens uses these best-in-class maneuvers for driving market expansion:

* Carefully select the right product. It is important to identify products that are aligned with your company's strategic vision, mission, goals, and objectives.

* Conduct adequate product planning. Market analyses, competitive research, feasibility assessments, and an outline launch plan are essential before beginning development.

* Employ a "whole product" approach. Know that the development process includes a number of variables--production, packaging, distribution, marketing, shipment, and end-use--that impact product success.

* Build in a kill switch. Establish decision points throughout the development process. It's important to determine when to continue--or abort--efforts on a project.