Abstract
Why are some businesses exceptional in development of new products? In this study, we will discuss various factors which contribute the success of new product development. New product development is the backbone of an innovative organization, the process is built on the solid foundations of capabilities such as network, technology, innovation, and strategic orientation and social capability are the success drivers in the development of new product. The main purpose is to understand the customer need and develop the product by using these capabilities to innovate something which can give value to the customers and achieve competitive edge over competitors. This article discusses about how successful firms use these new product development process capabilities to achieve competitive advantage in the conduct of business.
Highlights
Why are some businesses exceptional in development of new products? In this study, we will discuss various factors which contribute the success of new product development
2011 argued that networking skills display the insightful nature of social interactions between new product development team members and staff in other departments that lead to social knowledge, expertise and sharing of advice. (Ritter 1999) argued that network competence relates to the ability of a firm to establish, maintain, use and manipulate relationships between networks
According to (Buganza and Verganti 2005) competitive advantage of the firm is depending on the firm capability to develop new product and its ability to reinvent and readjust according to situation changes and technological possibilities after it was first launched in the market
Summary
Why are some businesses exceptional in development of new products? In this study, we will discuss various factors which contribute the success of new product development. Entrepreneurial businesses require network expertise and relationships with customers to develop a new product because they are restricted in capital.
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