Abstract

The paper discusses the success factors influencing product development design and product launch projects. The lives of people and businesses have been threatened and affected by the global COVID-19 pandemic for more than two years. Knowing these factors can help us make the right decisions and develop an effective project plan and matrix. Nowadays, project management is a very important part of work in companies of different sizes. Project management can be seen as applying innovation processes in an enterprise. The authors conducted quantitative and qualitative research on 544 companies in the Slovak Republic. The research focuses on aspects of project management and individual success factors. The data obtained by the questionnaire survey were processed by statistical methods, where the authors chose the nonparametric Kruskal-Wallis test as the basic method and the Wilcoxon two-tailed test for independent sample data sets. An essential variable in the sample of enterprises surveyed was, in particular, the sector of the economy in which the enterprise surveyed operates. Two key factors were considered when developing the product – employee education and the implication of social responsibility. The study’s uniqueness lies in surveying all types of enterprises, irrespective of their size, line of business, and financial turnover. The percentage distribution of the maximum use of CSR among the surveyed companies in each sector was most positive in the Logistics industry. Training and certification of employees are primarily one of the most important factors to ensure an increase in the success of those projects aimed at launching new products on the market; in the case of the surveyed sample, this is more than 40% of enterprises. Based on the sub-results, we can conclude that enterprises place more emphasis on new product development projects and the environmental concept of CSR. Still, the launch of new products or services is underestimated by the project management of enterprises. After more than eight years, the research has shown an increase in the importance of using social responsibility in management processes for new product development. A breakthrough finding is comparing the use of CSR in small businesses in Slovakia to global trends in which we perceive the dominance of multinational corporations. Enterprises are advised to focus specifically on new product launches and detailed planning.

Keywords: CSR, product development, project, project management, success factors.

JEL Classification: L25, O31, M14.

Cite as: Fabo, F., Chovanova Supekova, S., Durda, L., & Gajdka, K. (2023). Success Factors for Product Development and New Product Launch Projects. Marketing and Management of Innovations, 14(2), 196-207. https://doi.org/10.21272/mmi.2023.2-18

This work is licensed under a Creative Commons Attribution 4.0 International License

References

1. Abugre, J. B., & Anlesinya, A. (2019). Multinational companies ‘ corporate social responsibility and business value: Lessons from a sub-Saharan African environment. Journal of African Business, 20(4), 435-454. [Google Scholar] [CrossRef]
2. Barauskaite, G., & Streimikiene, D. (2021). Corporate social responsibility and financial performance of companies: The puzzle of concepts, definitions and assessment methods. Corporate Social Responsibility and Environmental Management, 28(1), 278-287. [Google Scholar] [CrossRef]
3. Bardos, K. S., Ertugrul, M., & Gao, L. S. (2020). Corporate social responsibility, product market perception, and firm value. Journal of Corporate Finance, 62, 101588. [Google Scholar] [CrossRef]
4. Bhardwaj, P., Chatterjee, P., Demir, K. D., & Turut, O. (2018). When and how is corporate social responsibility profitable? Journal of Business Research, 84, 206-219. [Google Scholar] [CrossRef]
5. Bogers, M., Foss, N. J., & Lyngsie, J. (2018). The “human side” of open innovation: The role of employee diversity in firm-level openness. Research Policy, 47(1), 218-231. [Google Scholar] [CrossRef]
6. Caloghirou, Y., Giotopoulos, I., Korra, E., & Tsakanikas, A. (2018). How do employee training and knowledge stocks affect product innovation? Economics of Innovation and New Technology, 27(4), 343-360. [Google Scholar] [CrossRef]
7. Castellacci, F., Gulbrandsen, M., Hildrum, J., Martinkenaite, I., & Simensen, E. (2018). Functional centrality and innovation intensity: Employee-level analysis of the Telenor group. Research Policy, 47(9), 1674-1687. [Google Scholar] [CrossRef]
8. Cooper, R. G. (2017). We’ve come a long way, baby. Journal of Product Innovation Management, 34(3), 387-391. [Google Scholar] [CrossRef]
9. Cooper, R. G. (2019). The drivers of success in new-product development. Industrial Marketing Management, 76, 36-47. [Google Scholar] [CrossRef]
10. Nguyen, N., & Pervan, S. (2020). Retailer corporate social responsibility and consumer citizenship behaviour: The mediating roles of perceived consumer effectiveness and consumer trust. Journal of Retailing and Consumer Services, 55, 102082. [Google Scholar] [CrossRef]
11. He, H., & Harris, L. (2020). The impact of the Covid-19 pandemic on corporate social responsibility and marketing philosophy. Journal of business research, 116, 176-182. [Google Scholar] [CrossRef]
12. Chabowski, B. R., Mena, J. A., & Gonzalez-Padron, T. L. (2011). The structure of sustainability research in marketing, 1958–2008: A basis for future research opportunities. Journal of the Academy of Marketing Science, 39, 55-70. [Google Scholar] [CrossRef]
13. Cheng, C., & Yang, M. (2019). Creative process engagement and new product performance: The role of new product development speed and leadership encouragement of creativity. Journal of business research, 99, 215-225. [Google Scholar] [CrossRef]
14. Cheng, Y. H., Chang, K. C., Cheng, Y. S., & Hsiao, C. J. (2022). How Green Marketing Influences Customers’ Green Behavioral Intentions in the Context of Hot-Spring Hotels. Journal of Tourism and Services, 13(24), 190-208. [Google Scholar] [CrossRef]
15. Krchova, H. (2019, May). Research on behavioural competencies of project managers in Slovakia. In Proceedings of the International May Conference on Strategic Management (IMCSM), Bor, Serbia(pp. 24-26). [Google Scholar]
16. Chovanova Supekova, S., Krchova, H., & Zbranek, P. (2020). Influence of the gender of the project managers on the application of CSR standards in project management of Slovak companies. In J. Langhamrova, & J. Vrabcova (Eds.), RELIK 2020 Reproduction of Human Capital – mutual links and connections November 5-6, 2020 (pp. 188–197). Prague University of Economics and Business. Retrieved from [Link]
17. Civelek, M., Gajdka, K., Světlik, J., & Vavrecka, V. (2020). Differences in the usage of online marketing and social media tools: evidence from Czech, Slovakian and Hungarian SMEs.  Quarterly Journal of Economics and Economic Policy, 15(3), 537-563. [Google Scholar] [CrossRef]
18. Civelek, M., Kljucnikov, A., Fialova, V., Folvarcna, A., & Stoch, M. (2021). How does the innovativeness of family-owned SMEs differ depending on their characteristics?  Quarterly Journal of Economics and Economic Policy, 16(2), 413-428. [Google Scholar] [CrossRef]
19. Civelek, M., Krajcik, V., & Fialova, V. (2023). The impacts of innovative and competitive abilities of SMEs on their different financial risk concerns: System approach. Oeconomia Copernicana, 14(1), 327-354. [Google Scholar] [CrossRef]
20. Iglesias, O., Markovic, S., Bagherzadeh, M., & Singh, J. J. (2020). Co-creation: A key link between corporate social responsibility, customer trust, and customer loyalty. Journal of business ethics, 163, 151-166. [Google Scholar] [CrossRef]
21. Javed, M., Rashid, M. A., Hussain, G., & Ali, H. Y. (2020). The effects of corporate social responsibility on corporate reputation and firm financial performance: The moderating role of responsible leadership. Corporate Social Responsibility and Environmental Management, 27(3), 1395-1409. [Google Scholar] [CrossRef]
22. Kljucnikov, A., Civelek, M., Polach, J., Mikolas, Z., & Banot, M. (2020). How do security and benefits instil trustworthiness in a local digital currency? Oeconomia Copernicana, 11(3), 433-465. [Google Scholar] [CrossRef]
23. Kljucnikov, A., Civelek, M., Fialova, V., & Folvarcna, A. (2021). Organisational, local, and global innovativeness of family-owned SMEs depending on firm-individual level characteristics: Evidence from the Czech Republic. Quarterly Journal of Economics and Economic Policy, 16(1), 169-184. [Google Scholar] [CrossRef]
24. Kljucnikov, A., Civelek, M., Klimes, C., & Farana, R. (2022). Export risk perceptions of SMEs in selected Visegrad countries.  Quarterly Journal of Economics and Economic Policy, 17(1), 173-190. [Google Scholar] [CrossRef]
25. Kong, X., Jiang, F., & Zhu, L. (2022). A business strategy, corporate social responsibility, and the within-firm pay gap. Economic modelling, 106, 105703. [Google Scholar] [CrossRef]
26. Philip, K. O. T. L. E. R., & Lane, K. K. (2013). Marketing management-14. vydani. grada publishing as. [Google Scholar]
27. Kotler, P., & Lee, N. (2011). Corporate Social Responsibility: Doing the Most Good for Your Company and Your Cause. John Wiley & Sons. [Google Scholar] [CrossRef]
28. Kowalczyk, R., & Kucharska, W. (2020). Corporate social responsibility practices incomes and outcomes: Stakeholders’ pressure, culture, employee commitment, corporate reputation, and brand performance. A Polish–German cross‐country study. Corporate Social Responsibility and Environmental Management, 27(2), 595-615. [Google Scholar] [CrossRef]
29. Krchova, H. (2019). Project tools in relation to the implementation of the ability of innovative companies in Slovakia. Entrepreneurship and Sustainability Issues, 7(1), 291. [Google Scholar] [CrossRef]
30. Mai, N. K., Nguyen, A. K. T., & Nguyen, T. T. (2021). Implementation of corporate social responsibility strategy to enhance firm reputation and competitive advantage. Journal of Competitiveness, 13(4), 96. [Google Scholar] [CrossRef]
31. Metzker, Z., & Streimikis, J. (2020). CSR activities in the Czech SME segment. International Journal of Entrepreneurial Knowledge. [Google Scholar] [CrossRef]
32. Metzker, Z., & Zvarikova, K. (2021). The Perception of Company Employees by SMEs with CSR Concept Implementation. International Journal of Entrepreneurial Knowledge, 9 (1), 81-96. International Journal of Entrepreneurial Knowledge, 9(1), 81-96. [Google Scholar] [CrossRef]
33. Metzker, Z., Marousek, J., Hlawiczka, R., Belas, J., & Khan, K. A. (2021). The Perception of the Market and Operational Area of Business by Service Sector and Tourism Companies in terms of CSR implementation. Journal of Tourism and Services. [Google Scholar] [CrossRef]
34. Newman, C., Rand, J., Tarp, F., & Trifkovic, N. (2020). Corporate social responsibility in a competitive business environment. The Journal of Development Studies, 56(8), 1455-1472. [Google Scholar] [CrossRef]
35. Padilla-Lozano, C. P., & Collazzo, P. (2022). Corporate social responsibility, green innovation and competitiveness–causality in manufacturing. Competitiveness Review: An International Business Journal, 32(7), 21-39. [Google Scholar] [CrossRef]
36. Rozsa, Z., Holúbek, J., Vesela, Z., & Soboleva, O. (2022). Antecedents and barriers which drive SMEs in relation to corporate social responsibility? Literature review. International Journal of Entrepreneurial Knowledge, 10(2), 107-122. [Google Scholar] [CrossRef]
37. Stanica, S., & Peydro, J. (2016). How does the employee cross-training lean tool affect the knowledge transfer in product development processes? VINE Journal of Information and Knowledge Management Systems, 46(3), 371-385. [Google Scholar] [CrossRef]
38. Stehlikova, B. (2003). Statisticka analýza systémom SAS: metodicka prirucka pre aplikaciu systému SAS. Slovenska poľnohospodarska univerzita. [Google Scholar]
39. Stehlikova, B., Tirpakova, A., Poměnkova, J., & Markechova, D. (2009). Metodologie výzkumu a statisticka inference = Research Methodology and Statistical Inference. Mendelova lesnicka a zemědělska univerzita.
40. Sun, L., & Stuebs, M. (2013). Corporate social responsibility and firm productivity: Evidence from the chemical industry in the United States. Journal of business ethics, 118, 251-263. [Google Scholar] [CrossRef]
41. Szeiner, Z., Mura, L., Horbulak, Z., Roberson, M., & Poor, J. (2020). Management consulting trends in Slovakia in the light of global and regional tendencies. Journal of Eastern European and Central Asian Research (JEECAR), 7(2), 191-204. [Google Scholar] [CrossRef]
42. Vavrova, J. (2022). Effects of the COVID-19 Pandemic on Corporate Social Responsibility in the Hotel Industry–Case of the Czech Republic. Journal of Tourism and Services, 13(25), 213-229. [Google Scholar] [CrossRef]
43. Wagner, S., Bican, P. M., & Brem, A. (2021). Critical success factors in the front end of innovation: results from an empirical study. International Journal of Innovation Management, 25(04), 2150046. [Google Scholar] [CrossRef]
44. Wielicka-Ganczarczyk, K. (2020). Place of social responsibility in project management. Scientific Papers of Silesian University of Technology – Organization and Management Series, 145, 613–623. [CrossRef]
45. Yuan, Y., Lu, L. Y., Tian, G., & Yu, Y. (2020). Business strategy and corporate social responsibility. Journal of Business Ethics, 162, 359-377. [Google Scholar] [CrossRef]