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Examination of the importance of the process of developing new products: An emphasis on food and beverage industry in Serbia, Bosnia and Herzegovina and Montenegro

Author

Listed:
  • Bajro Catic

    (Department of Management, International Burch University, Sarajevo, Bosnia and Herzegovina)

  • Mersid Poturak

    (Department of Management, International Burch University, Sarajevo, Bosnia and Herzegovina)

Abstract

The subject of scientific research is the examination of the importance of the process of developing new products, as well as the benefits of developing new products in the food and beverage industry in Serbia, Bosnia and Herzegovina, and Montenegro. 350 respondents completed the structured questionnaire. The effects of the new product development process on the benefits of new product development were performed using multiple regression analysis. In contrast, the correlation between the new product development process and the benefits of new product development was performed using Spearman's rank correlation as a non-parametric alternative to Pearson's correlation. It was determined that there is a significant impact of the NPD process on the NPD benefit, and there is also a statistically significant correlation between all phases of the NPD process with the NPD benefit. Key Words:New Product, Food and Beverage, Serbia, Bosnia

Suggested Citation

  • Bajro Catic & Mersid Poturak, 2022. "Examination of the importance of the process of developing new products: An emphasis on food and beverage industry in Serbia, Bosnia and Herzegovina and Montenegro," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 11(7), pages 393-400, October.
    • Handle: RePEc:rbs:ijbrss:v:11:y:2022:i:7:p:393-400
    DOI: 10.20525/ijrbs.v11i7.2023
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    References listed on IDEAS

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    1. Umit Hacioglu & Gul Sevgilioglu, 2019. "The evolving role of automated systems in supply chain management and its cyber-security issue for global business operations in industry 4.0," International Journal of Business Ecosystem & Strategy (2687-2293), Bussecon International Academy, vol. 1(1), pages 01-11, January.
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