A Conceptual Analysis on the Different Approaches to New Product Development and the Variables Associated With Modelling the Process

Abstract

Globally, new products are launched daily. They provide answers to common or specialised problems, enrich lifestyles, provide alternatives to old solutions, amuse us etc. Companies that develop, design, manufacture, market and sell these products seek commercial compensation in the short, medium or long term “success”, however you measure it. Subsequently, New Product Development is a major issue for most companies as they seek to reduce time to market, reduce the development cycle, access new technologies and develop more and better products and services. New products that can successfully compete in local, national and global markets are a key concern for the majority of companies, so successful NPD is fundamental to both stimulating and supporting economic growth. It is a subject, which has received and continues to receive much attention, particularly in seeking to improve its effectiveness and efficiency. This chapter reviews the NPD process and considers the variables associated with the different approaches, which may be needed when developing a new product.

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