Critical Factors for the Success of New Products

(big global companies versus small and medium enterprises), etc. However, the problems arise in identifying the system of new product success measures. The point is not in the deficiency of individual measures, but in imprecise definition of the subject of measures as well as in inadequacy of result interpretation. Isolated measures that are not integrated in the system of performance measures of enterprise as a whole, distort the picture of efficiency and effectiveness of enterprise. This is especially related to the new product success evaluation. Attempting to overcome the problem, the different models for valuation have been created. The authors first analyze the critical factors of new product success, especially in condition of expressed connection of different participants in value chain, and, after that, they point out some problems in selection of new product success measures.

New Product: Success or Failure

The experiences of a large number of enterprises show that the failure in product development, particularly related to the products representing the basis for the creation of a whole range of other, so-called product platforms, originates from the phase of the product concept definition. The risk is more pronounced in the cases of developing the products that should create the needs of consumers. In such circumstances, when completely new products of high risk are created, technological and marketing uncertainties have to be studied in order to reduce or eliminate the risk of their implementation. The enterprises that are successful in this field are characterized by the management through projects, which enables successful management of each individual project and a network of projects within the enterprise, of interactions and relations among different projects and of the relationships with the environment. The surveys of the practices of successful companies suggest that adequate approaches (methods and