Best new product development and management practices in the Korean high-tech industry

Abstract

This paper investigates critical factors affecting the likelihood of new product success and effective new product development (NPD) models for Korean high-tech firms. Empirical results suggest that successful projects differ from unsuccessful projects in project environment, skills and resources, project leadership, strategic fit, efficient NPD process, and effective product-positioning strategies. This study confirmed that efficient and effective new product development and management were important determinants of high-tech firms' competitive advantage. Furthermore, the findings of this study raised questions about some commonly held beliefs when compared with Western studies focusing on high-tech industries. Keywords: New product development; Best practices; Korean hi-tech firms