An approach to new product development management in SMEs

In current dynamic manufacturing environment, Small, Medium Enterprises (SMEs) must develop new products successfully in order to maintain a competitive advantage. SMEs differ from large companies due to their limited resources. Currently, most of SMEs lack a structured process in their New Product Development (NPD) management. NPD is vital for SMEs to survive in a competitive business environment. Data collected through interviews and survey questionnaires from 40 SMEs in the Western Cape Province, South Africa suggest that SMEs need a more structured NPD model which consists of critical elements such as management commitment, employee involvement, product strategy, new product quality, customer satisfaction, and feedback of new product launching.