The development of new services. New product development practices in the financial services industry: A model of successful determinants for NPD.

摘要

The combined environmental effects of technologicaludchange, increasing competition, new legislation andudincreasingly demanding consumers have created pressureudwithin the financial services industry for change. Oneudoutcome has been a proliferation of new products in theudmarketplace. This research explores new productuddevelopment within one subset of this industry -- buildingudsocieties.udBy combining the new product development, serviceudmarketing and financial services literature, a foundationudhas been developed for an empirical study into theuddevelopment practices and the characteristics of successfuludand unsuccessful new products. The determinants of successudand failure for new product development have been examinedudutilizing a comparative methodology, and subsequently auddiscriminant model has been developed that successfullyudclassifies successful and unsuccessful new products.udBy determining how new products are actuallyuddeveloped, the findings support previous claims thatudintangibility, inseparability, heterogeneity andudperishability do have an effect on the development process.udFurther, the level of sophistication of the developmentudactivities is lower than in previously reported research.udNotable variations from the development process forudtangible new products are the inclusion of system design,udsystem testing and personnel training stages. The majorityudof societies have been found to lack strategic integrationudof the development process, to apply different measures ofudsuccess and to prefer qualitative market researchudtechniques over quantitative approaches. As well,udconsiderable variation exists in the organizationaludapproaches used to manage the process, althoughudorganizational related variables were found to have audstrong impact upon the predictability of a successfuludoutcome for a new product.