This article responds to the identified considerations and gaps in existing research on the way a new idea is transformed into a market-accepted new product. Utilizing the findings of an extensive theoretical analysis and empirical investigation on the subject, this research studies new product development within a wider strategic marketing context. The research interrelates three different perspectives: the process-defining perspective, that identifies and refines the managerial implications and theoretical considerations; the value-defining perspective, which investigates the various types and stakeholders of value; and the context-defining (contemporary consumer behavior and strategic marketing) perspective, which positions the entire innovation process within the comprehensive set of environmental and organizational processes and factors. The article concludes with the development of a preliminary Contemporary Strategic Framework for New Product Development. The framework answers the various theoretical considerations on the subject, incorporating the various processes' stages and interrelationships within a single descriptive system. In addition, it provides constructive functional managerial value through potential practical implementation and prescriptive interpretation.
- new product development