Augmentation of effectiveness of new product development through social media: an empirical validation
by Sonica Rautela; Samir Yerpude; Tarun Kumar Singhal
International Journal of Public Sector Performance Management (IJPSPM), Vol. 9, No. 1/2, 2022

Abstract: The world is changing dramatically. These changes can be witnessed in different macro-environmental factors. Organisations are also witnessing a constant change in their business environment. In such high volatile environment, business firms need to innovate and change themselves. Therefore, it becomes vital for firms to adjust and alter their offerings to keep pace with the changes. New product development (NPD) is the lifeblood for any firm and their success contributes towards profitability and growth. New products are not only crucial for the profitability of any firm but also provide a competitive edge. However, only a small percentage of new products become successful in comparison to the number of new products introduced in the market. This portrays that the users are unwilling to accept the new products. Therefore, there lies a strong need to involve and inculcate the viewpoints of customers while designing a product so that they are not mere receivers of products but also active participants in the creation of products. Further, as per this study, the involvement of other vital elements such as the sales department, R&D department and the company level drivers play a critical role in the success of a new product.

Online publication date: Wed, 22-Dec-2021

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