New Product Introduction Process and Competitive Benchmarking with Special reference to Caterpillar 40/50T Off-Highway Trucks

Saravanan, G.; Vikkraman, P.
April 2013
International Journal of Exclusive Management Research;Apr2013, Vol. 3 Issue 4, p1
Academic Journal
Technological innovation is one of the principal determinants of business success. New product development is one of the most important components of product policy and product management. Product lines and products are appraised and are positioned effectively. For a higher level of growth, a firm has to look beyond its existing products. A progressive firm has to consider new product development as a cardinal element of its product policy. A business firm has to respond to these dynamic requirements of its clientele and these responses take the shape of new products and new services. Through such a response, the firm reaps a good deal of benefits. New Product Introduction is the process adopted by organizations worldwide to develop products and services for customers. Organization employees, suppliers, dealers and customers are involved throughout the process.Based on the Caterpillar New Product Introduction Framework and Competitive Benchmarking, the research objectives of the study are confined to evaluate the adherence of process steps in each of the phases of New Product Introduction framework; to plan and build prototype and pilots of the new model of trucks and evaluate the performance of the truck(s); and to carry out Production Studies of the new model of trucks with the competitor machines and generate Production Study data to substantiate the advantages of the new trucks over the competitors. The results of this study determines how systematic adherence of New Product Introduction process at Caterpillar for the introduction of 40/50 ton rear dump trucks has paved way for the successful production launch of its products and how Caterpillar 40/50T products were subjected to competitive benchmarking with similar class products of competitors and emerged superior over competitors with regard to product performance and reliability. This studyis related to the adherence of the New Production Introduction process and the results of the production studies to place the new product in the market. It is based on predetermined objectives and methodology. In the process of study, the objectives are pre-determined. The methodology has been designed to fulfill the objectives for the study


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