Exploring the Role of Social Network Sites in New Product Development: An Empirical Study of MNCs

This paper has been written to uncover the role of various social network sites in the processes of new product development with respect to market research, customer collaboration and new product launch. This research is designed around leading firms in fast moving goods (FMCG) industry. Adopting a qualitative perspective, we have explored that although social network sites are widely in use in leading firms, yet firms are still learning how to fully utilize social network sites to fully reap the benefits. Social network sites were investigated to contribute significantly in customer collaboration and new product launch whereas for NPD market research social network sites are not viewed to contribute adequately as leading firms believe in their own market research suppliers to conduct the market research for NPD and collect the information from all over the world. The results offer a practical insight for the managers from leading firms.