With a Progress of borderless economy, global management of new products is becoming an important issue for the growth and success of manufacturing firms. The purposes of this study are to identify the progress and key issues in global new products management and to suggest strategies and management systems with operating principles for Korean manufacturing firms. This study consists of three parts. The first part contains review of relevant literatures and the research framework. The second part deals with the case studies of world class enterprises. Finally, based on the above analysis, strategies and management systems of new products are suggested for Korean manufacturing firms.
Through intensive reviews on the globalization status of major advanced countries in the world, the theoretical framework is presented with key success factors on globalization and the process of new products management. Based on the research framework, case studies on six leading companies in six different industrial areas are carried out. The case materials are collected from 'the reports on major promising industries in future' published by various institutes such as Economic Planning Department of Japan, Mitshbishi Institute, Nomura Research Institute and Stanford Research Institute. Each case is reconstructed and analyzed in terms of nine important key factors, such as: i) industry characteristics, ii) management philosophy, iii) CEO's characteristics, iv) global strategy, v) corporate culture, vi) new product development strategy, vii) manufacturing strategy, viii) marketing strategy, and ix) core competence. And meaningful implications are extracted from each case.
The final part of this study addresses the strategies and management systems, which are named as P&P(Process & Principles), by considering the environmental situation of Korean manufacturing firms for new products management of a global success. In practical view points, persistent implementation of carefully decided strategy, establishment of innovative corporate culture and CEO's management capability of human resources should be emphasized because those fundamental elements are the key issues to compete in the rapidly changing international environment.
The success of new products management in the global market comes from synergy creation and overall harmony of strategy, management skill and resources based on core competence that company holds. In addition, this study would help to level up the global management capability for new products and to support the foundation in Korean manufacturing firms which aim at a world class enterprise.
