One of the factors that clearly differentiates innovative companies from others is the constancy of their devotion to strong products and to the need to constantly improve them over time. Further, they understand that long-term success does not hinge on any single product. They know that they must generate a continuous stream of value-rich products that target growth markets and find new markets for their core technologies. These products form the product family, individual products that share common technology and address related market applications. It is these families of products that account for the long-term success. Product families do not have to emerge one product at a time. In fact, they are planned so that a number of derivative products can be efficiently created from the foundation of common core technology.
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