Determinants of New Product Development in the Beverage Industry: An Empirical Study of Delhi NCR

Abstract

New product development (NPD) is a critical strategic process that enables organisations to remain competitive in dynamic markets. The present study aims to examine the key factors influencing new product development from a management and commerce perspective. Data for the study were collected through a structured questionnaire administered to marketing professionals and managerial personnel across various industries. The research employed statistical techniques including reliability analysis, exploratory factor analysis (EFA) to examine the relationships among the variables.

The findings reveal that innovation and technology emerge as the most influential factor affecting new product development success, followed by consumer feedback, competitor analysis, regulatory compliance, cost management, and marketing research. The results further indicate significant interrelationships among the identified determinants, supporting the robustness and applicability of the proposed framework. Additionally, the analysis highlights notable age-based differences in managerial perceptions regarding market intelligence and regulatory awareness, whereas innovation and cost considerations are perceived consistently across different age groups. The findings provide valuable insights for managers and organisations seeking to enhance product development strategies, improve decision-making processes, and achieve sustainable competitive advantage in increasingly competitive markets.