Study of Managing New Product Development in Indian SMEs: An Innovative Approach with Special Reference to Surat Textile and Diamond Industry

Abstract

New product development in SMEs are becoming concurrent
issue in countries like India. This paper shows the importance
of new product development by studying Keys Success
Factors in three stages of new product development process
in the city of textile and diamond Surat. The main objective of
this paper is to analyze how the textile and diamond industry
look new product development. The small and medium
enterprises (SMEs) have not received adequate attention
from researchers for their product development process. In
this paper, an attempt has been made to analyze the Key
Success Factors (Importance of Technological Factors) for the
product development process with the help of an empirical
research in SMEs. The research is based on a sample of 223
SMEs located in Surat region of Gujarat India and found that
there is significant importance of Technological factors in all
NPD stages.