Figure 1.
Proposed actions for competitive advantage in new product development (NPD)
| Phase of NPD process | Proposed actions |
|---|---|
| Opportunity identification | Evaluation of a given opportunity in terms of its potential to generate competitive advantage, which includes the following: a) determining a competing product in the case of utilising the opportunity; b) estimating the economic value of the competing product; c) identifying the possibilities of generating higher economic value than the economic value of the competing product when utilising the opportunity. |
| Concept generation and evaluation | Creating a new product concept with the highest possible economic value. |
| Development | Creating both a prototype and products of a trial production of the highest possible economic value. |
| Market launch | Evaluation of the planned new product in terms of achieving a competitive advantage, which includes the following: a) estimating the economic value of this product based on the upper price limit, determined in the market test, and evaluating the costs of the new product, taking into account the costs of producing products for market test and the costs of planned marketing actions related to the new product; b) comparing the economic value of the planned new product with the economic value of the competing product. |