Revitalization: Often The Better First Step

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Revitalization: often the better first step

Revitalization approached in this way not only produces ideas for further exploitation of the company's most valuable asset - its existing products - but also leads to a much better definition of the role of new products in securing new profits. Revitalization is often a better first step in building short-term profits, but, longer term, new products are still usually required. When this is so, the risk in new product development can be further reduced by having a cushion of safer development in familiar markets and by providing the necessary lead time needed to get significant new products into the market place.

The co-ordination of revitalization and new product development can be a worthwhile step in maximizing the contribution of both. Both require an objective appraisal removed from the pressures of the operational management of the business, and both demand systematic analysis and creative imagination to make them a success. Above all, both serve the common goal of securing the long term growth of a company.

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