Abstract
One of the principal determinants of business success is technological innovation. New product development is one of the most important components of product policy and product management. Based on the Caterpillar new product development framework and competitive benchmarking, the research objectives of the study are confined to evaluate the adherence of process steps in each of the phases of new product development framework; to plan and build prototype and pilots of the new model of trucks and evaluate the performance of the trucks and to carry out production studies of the new model of trucks with the competitor machines and generate production study data to substantiate the advantages of the new trucks over the competitors. The results of this study determine how systematic adherence to the new product development process at Caterpillar for the introduction of 40/50 ton rear dump trucks has paved the way for the successful production launch of its products.
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