New product development (NPD) of ‘family business’ dealing in the luxury industry: evaluating maturity stage for implementing a PLM solution

ABSTRACT

‘Family business‘ phenomenon is considered a dominant source of growth, development, and social and economic stability within the luxury industry, representing the most widespread business model in the world. Moreover, in the current scenario, characterized by new and ever-changing dynamics of the global market, firms operating in the luxury industry need to quickly and timely anticipate competitors' next moves, monitor market tastes, adapt their products and properly communicate their positioning. For reaching this goal “family business” companies needs to improve their new product development processes by adopting innovative strategies and tools for creating an “environment for innovation” able to pursue “the right product in the right time”. In light of these considerations, the aim of this paper is to provide a methodology able to identify how and where a Collaborative Product Development/Definition and Management solution can provide company improvements.

KEYWORDS:

• Collaborative product development/definition and management (CPDM)
• new product development (NPD)
• capability maturity model (CMM)
• product lifecycle management (PLM)

Disclosure statement

No potential conflict of interest was reported by the authors.

ORCID

Enrico Vezzetti http://orcid.org/0000-0001-8910-7020