New Product Development

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Companies, large and small, must innovate otherwise they will become isolated from their customers and the markets in which they operate. Small to Medium Enterprises (SMEs) represent the backbone bone of the Irish and European economy. SMEs can not allow their New Product Development (NPD) practices to stagnate because their competitors do not. This book uses a NPD maturity model (Kahn, Barczak, and Moss 2006) to investigate the level of knowledge regarding NPD maturity in Irish SMEs and to assess the relative importance of different aspects of NPD. Data was gathered via an electronic questionnaire. Results indicated that the different aspects of NPD are not of equal importance but more importance should be placed on NPD strategy and less importance on NPD metrics and performance evaluation. Results also showed the level of knowledge regarding best practices in Irish SMEs is relatively high especially for the aspects relating to NPD strategy, process, research, climate, commercialisation, and culture. A simple model examining NPD in SMEs is presented providing valuable insight into NPD management for SME owners/managers.