New product development in the fast fashion industry: a case study in Vietnam

Abstract

The proposed approach for new product development (NPD) is intended to enhance the competitive advantages of start-up businesses. The new products were mainly developed by doing competitor analysis and checking the opinion of customers. First, the top competitors of the companies are identified by the competitor profile matrix (CPM) method. Then, the best-selling items of the top competitors would be analysed to define the essential factors that the customers can favour. After that, the new product functions would be added by checking customers' feedback. Finally, the samples would be made for further improvement. The time required for the new product development process can be shortened, and the budget can be reduced significantly by doing competitor analysis. Besides, the risk of failure can also be decreased if the companies follow top-selling product characteristics. The proposed approach provides valuable insights about new product development in fast fashion companies regarding new product development strategies.