Use of Social Media Applications for Supporting New Product Development Processes in Multinational Corporations

• Published in: Technological forecasting & social change Vol. 120; pp. 176 - 183
• Main Authors: Bashir, Naheed, Papamichail, K.Nadia, Malik, Khaleel
• Format: Journal Article
• Language: English
• Published: New York Elsevier Inc 01.07.2017; Elsevier Science Ltd
• Subjects: Consumers; Digital media; Empirical analysis; Fast moving consumer goods; FMCG; Mass media; MNCs; Multinational corporations; New product development (NPD); Product development; Qualitative analysis; R&D; Research & development; Social media; Social networks; Studies; New product development (NPD); FMCG; MNCs; Social media
• ISSN: 0040-1625; 1873-5509
• DOI: 10.1016/j.techfore.2017.02.028

This paper examines the use of social media in new product development (NPD) processes. It is based on an in-depth study of multinational corporations (MNCs) around the world in the fast moving consuming goods (FMCG) sector. In order to obtain an in-depth understanding on the subject, a qualitative approach has been adopted to collect and analyse the data. The results suggest that social media can be viewed as an informal source for gaining an understanding of customers' preferences, competitors' activities, market trends and product feedback. Drawing from the literature and our empirical analysis, we ascertain that the use of social media platforms as a source for providing information for new product projects does not constitute a formal part of MNCs' new product development processes. MNCs rely on their own trusted and dedicated research and development (R & D) institutes instead to support new product projects. The study concludes with practical guidelines for NPD managers. •A new framework of social media as an information source for NPD processes•Exploring the role of social media in the context of MNCs in the FMCG sector•Insights into the informal use of social media platforms for NPD processes•Practical suggestions for using social media in new product projects in MNCs