Page 14 - IMDR - Journal of Management Development and Research - March2019-20
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The Study of Key Success Factors in New Product Development
Process in Diamond Firms with Special Reference To Surat
Dr. Rashvin Tailor -Assistant Professor
SRIMCA MBA, Uka Tarsaida University, Bardoli
Abstract
The idea of key success factors in new product development is dynamic to many
organizations’ persistence of business and growth is widely recognized. New products
provide many business opportunities for organizations. The importance of key success
factors in new product development is key, as corporate purpose and scope sets the
guidelines for new product planning. This paper explores the importance of keys
success factor of new product development process in the diamond firms of Surat.
The research findings highlighted the importance of key success factors during Idea
generation and concept development stage of new product development phase are
Managerial Factors across all these three stages of New Product Development
Process.
Key words: New product development, Diamond Firms, Key Success factors
Introduction
The importance of the new products remains to be of key to all organizations. Tough
global competition, short product and technology lifecycles, spontaneous consumer
buying patterns and possible market immobility makes new product development an
important activity in most businesses. New products provide organizations with
growth prospects that permit them to highlight their market position. Strategic
planning identifies opportunities for new product development and sets new product
planning guidelines. Creating the right organizational culture that can encourage
innovation is one of the primary tasks for management. Developing successful new
products requires systematic planning and integration of various organizational cross-
functional activities. Without a clear roadmap from management it is challenging to
select the right innovation strategy. Management’s involvement in the new product
development processes directly or indirectly responsible for a new product’s success
rate in the market.
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