Factors influencing the successful development and introduction of new products to international markets

The subject of research concerning the launch of new products is of the greatest interest to business in general and to the success of businesses as a whole, as numerous studies show the link between innovation and profitability.

New product development (NPD) is defined as the complete process of bringing a new product to market, from the perception of market opportunities to the commercialization of a new product [1]. NPD has been widely studied in both managerial and academic circles, as well as in various disciplines [2]. NPD can be called a strategic process, because it uses the strengths of the organization and strategic opportunities to ensure market reaction in the conditions of competitiveness. For industry leaders, new products allow them to create new market opportunities, as well as to change and rethink old markets; for industry followers, new products allow them to set new standards of value and quality, as well as improvements that can provide competitive advantages in the future [3].

Numerous studies show that the most successful firms received more than 49% of current sales from new products, and that half of the successful new products evaluated achieved at least 33% return on investment (ROI) and 35% market share. The research by Healy et al [4] has shown that the advantages inherent in new products are more effectively recognized in the market, which contributes to increased competitiveness. Efforts to improve the characteristics of new products are crucial for survival and growth.

Many studies focus on connection between institutional pressure and open innovation. The concept of open innovation posits that the internal and external sharing of ideas and collaboration delivers better outcomes. The more recent emergence of advanced digital technologies and the acceleration of process digitization, combined with rising stakeholder expectations, have created an urgent imperative for organizations to embrace open innovation. The company needs to involve people from the external environment of the organization so that they offer their ideas, make comments, and thereby improve the final product. The theory of open innovation defines the research and development process as an open system.

However, it is not only institutions that have a significant impact on innovation and the development of a new product. Success factors in the development and launch of a new product also include leadership styles. Chonlatis Darawong [5] examined of whether and how the two leadership styles (transformational (defined as the ability to align followers’ needs and desires with the interests of the organization, which may also promote the extra effort at work) and transactional (refers to leaders who clearly express the selfinterests, goals and direction to their followers)) influence NPD performance shows that transformational leadership has a significantly positive effect on new product success and NPD speed, whereas transactional leadership has a significantly negative effect on both outcomes.

Also , internal resources and capabilities are factors for the firm which help to remain competitive. These resources, which provide a competitive advantage, help firms take advantage of opportunities and counter threats in the environment. While some of these resources and skills can be obtained from the outside, for the long-term success of NPD, it is necessary to develop the same level of innovation potential within the company. Providing such resources and developing the necessary internal capabilities before innovation is the key to a firm's success, especially in emerging economies where resources are relatively scarce compared to resources in advanced economies [6].

The study of Duran, H., Temel, S. and Scholten, V [7] reports that team communication and collaboration have a positive and significant impact on the success of a new product. Effective communication helps team members to get access to the necessary information, knowledge and create a positive atmosphere in companies. Efficiency in communication helps employees to use their creative abilities. This shows us that communication and cooperation in product development teams are a prerequisite for a successful NPD process.

Some studies indicate a positive direct influence of strategic alliances on innovation and new product development. Strategic alliances are cooperation agreements between two or more companies that share resources in order to achieve higher competitiveness through the sharing of resources, while maintaining their own corporate identity [8]. Stra- tegic alliances include cooperation in the field of knowledge, technology, human resources, market sharing and much more, which can help companies increase their innovation potential and bring new products to market, which, in turn, can increase productivity and competitiveness. Firms enter into a strategic alliance in order to study and acquire marketing, management, innovation and production skills that promote creativity and stimulate innovation.

As mentioned above, NPD includes not only the process of developing a new product, but also its commercialization, in other words, bringing the product to consumers. Thus, the success of a new product may also depend on its promotion channels. Trade fairs and exhibitions open up opportunities for companies to present their products to foreign countries and explore business opportunities. Trade fairs are unique events that provide a very dynamic and personal interaction between participants, which facilitates direct contact of visitors with products at the exhibition stand. Industrial small and medium-sized enterprises (SMEs), especially from developing countries, are encouraged to use trade fairs to test, develop and promote new product innovations [9], using sensory stimuli that visitors receive from physical/direct contact with product innovations. Microenterprises can take advantage of trade fairs to learn from the most successful companies, explore competition or discover a new market niche. In addition, by participating in exhibitions, micro-companies can gain international fame, credibility, trust and influence, occupying the same physical space as the dominant companies.

Thus, growing competition and rapidly changing technologies encourage businesses to find approaches to the development and promotion of their new products. Underestimating some of the factors affecting the development and launch of new products can lead the company to large losses.