Song, M., & Noh, J. (2006). Best New Product Development and Management Practices in the Korean High-Tech Industry. Industrial Marketing Management, 35(3), 262-278.

Format: Peer-reviewed article

Type: Research — Non-experimental

Experience level of reader: Fundamental

Annotation: Successful hi-tech projects differ from unsuccessful projects in terms of: 1) Project environment; 2) Skills and resources; 3) Project leadership; 4) Strategic fit; 5) Efficient NPD process; 6) Effective product-positioning strategies.

Setting(s) to which the reported activities/findings are relevant: Large business

Knowledge user(s) to whom the piece of literature may be relevant: Brokers, Manufacturers, Researchers

Knowledge user level addressed by the literature: Organization

This article uses the Commercial Devices and Services version of the NtK Model

• Market Predictability as a category had the highest correlation with product success. It was comprised of the following four statements: 1) The customers needs were well defined; 2) The customer's needs could be readily into product performance specifications; 3) We were completely familiar with the market; 4) We could accurately forecast demand for this product.
  A balanced sample of 62 success products and 62 failure products drawn from 31 hi-tech firms, were analyzed via questionnaire and case study interviews.
  Occurrence of finding within the model: Step 4.12, Step 1.2, Step 4.13, Step 7.10

• Product positioning is crucial for success. As a product gets closer to launch it may be found to offer no competitive advantage. Therefore it is important for early analysis to focus on product issues such as compatibility and versatility, cost effectiveness and ease of technical service may all differentiate the new offer from existing competitors.
  A balanced sample of 62 success products and 62 failure products drawn from 31 hi-tech firms, were analyzed via questionnaire and case study interviews.
  Occurrence of finding within the model: Step 2.2, Step 7.10

• Marketing Skills and Resources as a category had the second highest correlation with product success. It was comprised of the following six statements: 1) Our market research skills were at ideal level for this product; 2) Our perceived marketing expertise in this project area was very high; 3) Our marketing skills were at ideal level for this project; 4) Our forecast of the market demand for this product was accurate; 5) There was a close fit between our marketing skills and the needs of this project; 6) Our predictions about customer requirements were accurate.
  A balanced sample of 62 success products and 62 failure products drawn from 31 hi-tech firms, were analyzed via questionnaire and case study interviews.
  Occurrence of finding within the model: Step 4.12, Step 1.2, Step 4.13, Step 7.10