engleski

Strategies for the development of new products of family business

The term - development of new products is used to describe the process by which a company launches a new product or service to the market. Innovation would be the process of creating creative ideas and transforming them into a useful product, service or method of work. According to many authors, the most important input in creating innovation is knowledge. The development of new products is a risky business move and is often considered as one of the most important business events in the company. For this reason, companies entering the development process have certain expectations of that product in the future in terms of: taking new market shares, becoming innovative and ultimately increasing profits. The term of new product, in this research, we mean: new products, improvements of existing products, product modification, and brand new product development for the market. When introducing a new product to the market, both companies and family can use one of several business strategies: strategy of slow penetration, strategy of fast penetration, fast-picking strategy, and slowpicking strategy. Innovation and innovation strategies and the concept of innovative family businesses will be also discussed in research. The research will be based on the data collected from the ten most successful family businesses through a survey questionnaire. Then, through the method of analysis and synthesis we will come to the conclusion what is the most common strategy for developing a new product that is used by successful family businesses and which is suitable for each type of product. It will be clarified the factors for creating the image of an innovation company and the importance of innovation for the further survival of the enterprise

family business ; new product ; innovation ; development of new product ; development strategy of new product

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