Contextualized Analysis of New Product Development Success Factors

An extensive literature review has resulted in the consolidation of key success factors for the new product development (NPD) process. A subsequent analysis has also resulted in the identification of over 40 tools designed to assist various NPD team members with different steps along the NPD path, ultimately improving the likelihood of new product success. This paper will discuss five themes derived from the findings as well as tools related to the problem and solution definition stage (Stage 1) of the NPD process. Themes include upfront homework and due diligence; people and teams; stakeholder involvement; employment of structured models for new product development; and outcome measurement considerations. Tools that can be used in Stage 1 include the Delphi method, market structure maps, idea generation, and net present value.