Overview and classification of methods for accelerating the process of developing and introducing new products

Abstract

A key element of the knowledge-based economy is the speed of the innovation process. The shortening of the time for development and introduction of new products is becoming a major source of competitive advantage. Companies that first come to market with new products may establish higher initial prices, to gain dominant market share, to gain customer loyalty, gain the most attractive distribution chan- nels, to create an image of technological leadership and to increase its credibility among consumers. There is a vast array of methods and techniques to accelerate the development of new products that are discussed in the scientific literature. The purpose of this study is on the base of analyzing, summarizing and systematizing of the accumulated theoretical and empirical research in the field to group and classify the methods, whereby the methods of similarity to be integrated into a group that constitutes the content of an approach. The article proposes 10 main approaches as well as methods/ mechanisms for their realization. The article discusses conditions under which the implementation of the approaches is effective, as well as gives recommendations about which approach is most appropri- ate to be used at different stages of development and implementation of a new product.