An integrated portfolio approach to support market-oriented R&D planning
Marketing and R&D strategies need to be aligned to increase the return from investment in new technologies. Various portfolio techniques have been widely used to support strategic planning. In order to balance marketing and R&D in the strategic planning process, it is necessary to integrate different portfolio concepts. A new portfolio approach combining market and technology portfolios to support market-oriented R&D planning is developed. The integrated portfolio is based on objective market and patent data and empirical evidence that the respective portfolio dimensions impact on a company's business performance. This contributes significantly to the relevance of the proposed integrated portfolio approach for strategic planning. It is tested in a practical application in the chemical industry. Based on these experiences, a set of recommendations for the effective use of the integrated portfolio for market-orientated strategic R&D planning is derived.
Keywords: market orientation, new product development, strategic planning, patents, portfolio analysis, chemical industry