The Success Model Of The New Product Development In The Thai Food Industry

Abstract

The development of new products is very important for business survival, as developed products have a shorter period of time. There is high competition in the market, along with consumers accessing data quickly via communication technology. Consumers are constantly changing their behavior. The objectives of this research were to: 1) study the level of factors affecting the success of new product development in the Thai food industry; 2) study the factors influencing the success of new product development in the Thai food industry; and 3) study the success model of new product development in the Thai food industry. This research employed a mixed research methodology, combing quantitative and qualitative methods. In quantitative research methods, stratified random sampling was employed in this study. The sample consisted of at least 360 of ready-meal business operators in Bangkok. The sample size was determined based on the criterion of 20 times of the observed variables. A structural equation model was used to analyze the data after the questionnaires were distributed. For the qualitative research method, semi-structured interviews were conducted with 17 key informants, including experts, executives, entrepreneurs, and customers. The results of the research showed that: 1) the success of new product development in the Thai food industry was rated at high importance level;  2) the factors influencing the success of new product development in the Thai food industry were, respectively, the product cycle, marketing strategy, leadership ability, and competitiveness; and 3) the success model for new product development in the Thai food industry was to plan in advance in terms of product development with unique features, focus on creativity and new usefulness, constantly survey marketing, and construct a network of public and private cooperation. The findings of the research are useful to entrepreneurs in the food industry. The Ministry of Industry can use the finding to formulate new product development policies and strategies to meet the needs of consumers.