A Product Innovation Charter (PIC) serves as a critical document in the new product development process, providing a framework for innovation projects. Its primary purpose is to offer focus and direction for new product concepts. By clearly articulating the strategic alignment, goals, and boundaries of a project, a PIC ensures that the development team remains aligned with the organizational objectives and market needs throughout the product development lifecycle. While it may touch on other aspects such as roles, risks, and milestones, its core value lies in guiding the new product concept development.
Thus, the correct answer is A: To provide focus and direction for a new product concept.
References:
Crawford, C. M., & Di Benedetto, C. A. (2014). New Products Management. McGraw-Hill Education.
Cooper, R. G. (2001). Winning at New Products: Accelerating the Process from Idea to Launch. Basic Books.