Reducing product failure throughout the new product development process of selected Philippine companies

• Main Authors: Balasbas, Patrick Ray, Dy, James P., Tan, Kimberly Claire D., Te, Paul Robert Y.
• Format: text
• Language: English
• Published: Animo Repository 2010
• Subjects: New products > Management; Product management
• Online Access: https://animorepository.dlsu.edu.ph/etd_bachelors/14514
• Institution: De La Salle University

The main objective of the study was to determine how to reduce product failure throughout the new product development (NPD) process of selected Philippine companies. After analyzing the results gathered from interviewing the three selected Philippine companies, the researchers have identified the most predominant variables in the factors that can influence the NPD process, strategies used that can help new products become successful, challenges faced in the new product development process, potential solutions to the challenges faced and the new product development process itself. This study has also identified why Philippine companies apply new product development process which is to have an effective and systematic style to better produce successful new products. Based on this study, all fifteen phases included in the NPD process of Tim Jones (1997) were found to be utilized by Philippine companies that produce new products. Factors were also considered since they influence the NPD process in certain ways which are classified into four major parts along with their corresponding predominant variables found in this study: (1) Business Environment factors-technology, natural resources, cultural values and laws and regulations (2) Market factors-customer needs, competitor friction, customer wants and market friction (3) Industry factors-rivalry among competitors, threat of substitute products, threat of new entrants and bargaining power of buyers (4) Organization factors - organizational identity, information/communication process, resource flexibility, decision making process and implementation process. The predominant strategies that aid the success of new products are Speed-to-Market, First-To-Market, Target Costing, Adaptive Product and Imitation. These strategies can be used by Philippine companies to better compete in the market increasing the success rate of their new products. The common challenges encountered by the three selected companies are Technology-development Issues and Creativity. The most frequently occurring potential solutions raised by this research were Adjustments in the Products, Set aside the Project and Testing, which can all help in solving the various challenges encountered in the NPD process of the selected Philippine companies.