A Novel Meta-Symthesis Model to Improve New Product Development Based on Risk Management of Fast-Moving Consumer Goods

Document Type : Original Article

Authors

1 Associate Professor, Faculty of Industrial Management &Technology, College of management, University of Tehran, Tehran, Iran.

2 Professor, Faculty of Industrial Management &Technology, College of management, University of Tehran, Tehran, Iran.

3 MSc., Mechanical Engineering Department, College of Engineering, University of Tehran, Tehran, Iran.

4 MSc., Faculty of Industrial Management &Technology, College of management, University of Tehran, Tehran, Iran.

Abstract

Introduction and objectives: With the advancement of Industry 4.0, customer preferences are continuously evolving, and product life cycles are becoming shorter. Consequently, new product development (NPD) processes have become indispensable for companies. Achieving sustainable industries necessitates a process where emerging risks are mitigated. In other words, integrating risk management concepts into the NPD process can significantly improve organizational performance. The primary goal of this research is to develop a framework for risk management within the NPD process specifically tailored for fast-moving consumer goods (FMCG).
Method: Initially, relevant research on NPD was reviewed, defining the concepts of NPD process, risk, and FMCG to clearly articulate the problem statement and the need for risk management in this domain. This section was presented in two main parts: theoretical literature and empirical literature. Subsequently, a detailed review of 18 risk management models was conducted, selected from a pool of 95 articles, to identify prominent studies in this area.
Findings: The results indicated that while these articles examined specific phases or steps of the five-phase risk management models, often introducing variations, none of them comprehensively covered all activities and phases. Employing the meta-synthesis method and utilizing Sandelowski and Barroso's seven-step model, while considering the shortcomings and strengths of the reviewed models, a novel risk management model was proposed for enhancing the NPD process. This model consists of six steps and introduces the implementation details of the stages, steps, and sub-steps. Beyond incorporating the strengths of existing models, this model also addresses their deficiencies. Its innovation lies in its in-depth articulation of the risk process steps and its focused attention on improving the path for determining risk response strategies. The FMCG industry's impact on this model is evident in the independence of risk management and risk monitoring. This research was derived from existing models and grounded in the meta-synthesis method. It was further refined through consultations with risk management experts, FMCG specialists, and a case study of the current product status at Golrang Company. The key criteria for assessing the validity and reliability of the measures were examined. Validity assessment was initially conducted through an extensive review of the literature. Subsequently, the identified components and indicators were evaluated by experts in this field and received final approval. Additionally, two sets of interviews were conducted to gather the necessary data. The first set of interviews aimed to identify existing risks within the NPD process. The second set focused on determining response strategies for each prioritized risk.
Conclusion: The feedback loop is a critical factor for FMCG products, as ignoring feedback and failing to adjust the development process can lead to a product's competitive decline. Experts emphasize the need for independent risk management and risk monitoring in FMCG due to the high perishability of these products. Lost opportunities can result in irreparable losses, highlighting the critical importance of speed in risk management for FMCG. Given the short life cycle of these products, any delay in decision-making can lead to significant losses. Therefore, rapid risk management is essential for these products. To achieve the desired outcomes, developing data collection and analysis systems for assessing risks associated with these products is imperative.

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Main Subjects

References

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