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Top1. Introduction
New products are the lifeblood of an organization (Barone & Jewell, 2013). Organizations should manage new product development properly and should innovate continuously. However, new product development and innovation are risky and many new products fail (Kumar & Allada, 2022). Once introduced, marketers want their products to enjoy long and happy lives. New products face challenges at many stages and require different marketing strategies and tactics (Venesz, Dőry, & Raišienė, 2022).
Companies which excel at developing and managing new products and innovation reap big rewards (Carnes, Hitt, Sirmon, Chirico, & Huh, 2022). Every product goes through a life cycle. The product is born, goes through several phases, and eventually dies as newer products come along. These products create new or greater value for customers (Aguiar & Jugend, 2022). It is important for companies to manage new product development and innovation at each of the stages.
New product development and innovation present major challenges for companies (Shu, 2022). All products eventually decline and phase out of the market. Consequently, a firm should be good at innovation and at developing new products to replace old ones (Jankelová & Joniaková, 2022). Firms should also be good at adapting their marketing strategies in the face of changing tastes, preferences, and requirements of individuals. New products require new technologies and face tough competition as products pass through stages (Tseng, Aghaali, & Hajli, 2022).
The above discussions indicate the importance of new product development and innovation for organizations. New product development and innovation are risky and face a number of challenges. Consequently, new product development and innovation should be managed carefully by organizations. The importance of managing new product development and innovation by organizations cannot be overemphasized. However, few studies focus on the important aspect of management of new product development and innovation by organizations. The study aims to address this research gap.
The objective of the study is to understand new product development and innovation in organizations. The study aims to analyze the management of new product development and innovation by organizations. The study aims to understand the various strategies and initiatives adopted by organizations to manage new product development and innovation.
The methodology adopted is a conceptual analysis of the various aspects of new product development and innovation in organizations. The management of new product development and innovation by organizations is analyzed to understand the process. Research studies from reputed journals and related to the topic are analyzed. Primary data is not collected and empirical analysis is not done.
The novelty and the contributions of the study lie in the fact that various aspects of management of new product development and innovation in organizations are discussed. It is imperative for organizations to have a focus on innovation and incorporate innovation in all processes. Academicians will understand the various approaches adopted by organizations in new product development and innovation. They may analyze the various approaches and the different initiatives and strategies adopted by organizations. They may suggest the specific approaches, initiatives, and strategies which should be adopted by different organizations to succeed and to achieve growth. Practicing managers will understand and realize the importance of incorporating innovation in all processes. They may analyze how to manage new product development and innovation in their organizations. They will also understand which strategies and initiatives related to new product development and innovation should be adopted to achieve success in the long run.
The study is structured as follows.