Page 15 - IMDR - Journal of Management Development and Research - March2019-20

Literature Review

The literature recommends that the success rate of new products depends on
numerous factors, including the technological factors, marketing factors, commercial

factors, and managerial factors. The successful new product development requires an
involvement from marketing, sales, design, research and development, finance,

manufacturing, technical and legal functions. To ensure the continuing interaction
among all these functions, it is critical to maintain continuous flow of communication

through one central information point in the organization.

Jifeng Mu et.al (2007), study is to fill the gap by examining the key success factors

of NPD in Chinese SMEs. Diverse from the old approach regarding the success

factors in each stage of NPD as standardized, the key success factors in each stage of
the NPD process are examined from a managerial perspective. This paper finds

Chinese SMEs do not regard financial return as the primary criterion in the idea-
generation stage. Although the key success factors are relatively quite different in

various stages, technological, marketing, commercial, and managerial factors are
important across all stages.

Isidre March-Chorda`et.al, Rapid product development has been treated as a

competitive strategy in a global market environment. It is essential to improve the
product development process with the objective of reducing product development

cycle time and hence to reach the market as quickly as possible. The main objective of
this research is to identify the major determinants that confront the product

development. The cost of product development projects that discourages commitment
to new product development and the uncertainty of the market acceptance were found

to be the major factors. According to the study reported in this paper, the fulfillment

of the key success factors as suggested by the literature is, in general, low.
Xueli Huang et.al. (2002) This article examines the new product development

process (NPDP) in Australian small and medium-sized enterprises (SMEs). Findings

from a sample of 276 innovative Australian SMEs suggest that marketing-related
activities were undertaken less frequently and were less well executed than technical

activities in developing new products.
Holger Ernst (2002) continuous development and market introduction of new

products can be an important determinant of sustained company performance.

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