A framework for successful new product development

Abstract

To exploit the competitive advantage of a core competency, such as new technology development, an organisation must be capable of developing that technology efficiently and effectively. The purpose of this research was to study the new product development success and failure factors in a chemical company, and recommend improvements to the existing new product development framework. The study is significant in that new product development performance needs to be improved to remain competitive in the current economic and environmental climate. The same new product development model is applied to all projects in the company under investigation. A preliminary investigation suggested that the success rate of these projects fluctuates significantly. Qualitative case study research was conducted through semi-structured face-to-face interviews. A thematic approach was used to organise and interpret the interview data. As the data was coded, several sub-themes emerged, and from these themes critical success factors and critical failure factors were identified. All of these factors were discussed and compared against the literature for relevance. The critical success factors and critical failure factors were divided into three categories: input requirements, stage kick-off guidelines, and continuous prompts. In this format these factors are recommended as potential improvements to the organisation’s existing new product development framework.