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Home→The Westburn Dictionary of Marketing→V→venture teams

venture teams

Definition:
Such teams are formed to take responsibility for specific NEW PRODUCT DEVELOPMENT projects. While similar to new product committees in the sense that they are usually composed of experts drawn from different areas of the organization, and that they are formed for a specific purpose, the new product committee's role is solely advisory, while a new venture team assumes responsibility for the execution of the proposal too. Thus, members will have to be seconded from their normal duties for the life of the project and the approach may best be thought of as establishing a new business in its own right.

Cross-References:
[new product development (NPD)]

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© Westburn Publishers Ltd 2002, The Westburn Dictionary of Marketing edited by Michael J Baker, ISBN 978-0-946433-01-8. www.themarketingdictionary.com. Entry: [Michael J. Baker], [1998].