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Risk management of new product development : a manual for SMEs

Thäuser, Julia (2017) Risk management of new product development : a manual for SMEs.

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Abstract:Although the resource and capability restraints of small and medium sized enterprises (SMEs) have been widely discussed and acknowledged in literature and research, little has been done yet to develop tools to assist SMEs in dealing with the different risks in their business. This is particularly true for the risk management of new product development (NPD) in SMEs. While a large number of products still fail in the market after launch, mostly due to insufficient market research in the early stages of the development process, there are so far no practical risk management tools for SMEs that could assist them in managing the risk of the NPD process and increase product success. However, this is particularly relevant for SMEs due to their small size and limited resources, which means that the failure of a new product in the market can have fatal consequences for a SME. Within this paper, a risk management manual for SMEs, focused on the most relevant risk factors in the NPD process of SMEs, is created. The frame of the manual is composed of the main risk categories of the NPD process, spread over the general stages of the new product development. Furthermore, this paper provides a straightforward risk diagnosing method, by using a number of screening questions to help SMEs identifying their most important risks. Finally, the manual provides a variety of tools to help answer these risk diagnosing screening questions and thereby assist SMEs in managing their risk in the NPD process and facilitate the success of new products in the market.
Item Type:Essay (Bachelor)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:85 business administration, organizational science
Programme:International Business Administration BSc (50952)
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