A survey of new product evaluation models

New product development is a dynamic and lengthy process ranging from idea generation through product launch. It is quite important that product manag ers evaluate the viability of a new product at every stage of its developme nt. Previous literature provides a large number of models that can be used to evaluate new products at different stages of the new product development process. These models vary with respect to their objectives, applicability to different products, data requirements, suitable environments and time f rames, and diagnostics. This article presents a critical review of the mode ls with an emphasis on these factors. The article also outlines other emerg ing methods that companies are using today. It concludes with managerial an d research implications. (C) 1999 Elsevier Science Inc.