Abstract
AbstractGlobalization has increased the competition in the marketplace and new product development (NPD) is a main driving force of a firm’s competitiveness. It is the process of development and introduction of new products to the market. This paper provides comprehensive evidence on how product differentiation, technological sophistication, and marketing synergy affect the new product development through a new product strategy (NPS) using a sample of 114 listed Indian SMEs. The research instrument used was the questionnaire, using 7 points Likert scale. Structural equation modeling approach has been used for analysis purposes. The findings of the analysis portray a significant relationship between product differentiation and NPS, technological sophistication and NPS, marketing synergy, and NPS. The result shows that managers need to be concerned about the customers’ requirements as well as their unique features to satisfy their needs in turn to achieve the NPD success.KeywordsNew product developmentProduct differentiationTechnological sophisticationProduct strategyStructural equation model
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