Role of Product Development in Gaining of Market Share in B2B

 Role of Product Development in Gaining of Market Share in B2B


Introduction

The ability of an industrial company to develop new products is crucial to its success. New markets and growth opportunities can be created through innovation and new product introduction. The growing international competition emphasizes the importance of a secure and accurate new product development process. Companies are realizing that customer satisfaction is essential to their success. As a result, companies must possess technical expertise, integration expertise, and market/business knowledge (Shepherd and Ahmed, 2000). 

Understanding the customer's needs and wants is essential to market competence (Lagrosen, 2001). Customer satisfaction and dissatisfaction are the two most important questions to ask. Despite the efforts of companies, many new product development projects fail and result in products that do not meet the expectations of customers (Matzler et. al., 1996). (Matzler and Hinterhuber, 1998). 

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A major goal of this study was to increase customer involvement in new product development processes. It was determined which phases of the process customers are involved in, and how they are involved, during the research process. Products are being developed from a relationship marketing standpoint. We have decided to limit the scope of the study to industrial manufacturing companies in order to give it a more focused approach. Consumer goods (B to C) manufacturers were excluded as well, since engaging individual consumers is a different process from engaging industrial customers (Hanna et al., 1995), and we wanted to focus on the new product development processes in industrial relations.

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Conclusion

As a result of this research, larger companies' product development processes are more structured, consisting of specific stages. In addition, cross-functional teams were found to be highly beneficial. In an ideal world, customers would be included in the teams. The relationship with customers should be classified and handled in a portfolio approach, as we have suggested. A framework for managing customer involvement in new product development at different levels of customer relationship has also been proposed. According to this study, formal methods for customer involvement are used relatively infrequently. Research has shown that these methods are effective, so they should be promoted.

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