The application of new product development tools in industry

Literature suggests that industrial firms become more dependent on new products when competing in the volatile external environment. Intriguingly, the systematic application of NPD tools in industry, despite the extensive effort that has been invested and the benefits that can be obtained, remains mostly uncommon. By conducting ten semi-structured interviews with selected academics and industrialists and using a sample of 67 industrial firms in Singapore for questionnaire survey, this study investigated the frequency and thoroughness of the application of NPD tools and probed the external and internal factors which may influence the application of them. Our findings reveal that the application of NPD tools is still under-exploited in most of the companies in Singapore. In addition, although the application of NPD tools is affected by both internal and external factors in industry, the relative effects vary in different companies.