SUGGESTIONS FOR FUTURE RESEARCH
The present study adds new understanding in the product development lit-
erature regarding the factors affecting the process of product development
in microfinance sector in India. This is the first of its kind of study in the
microfinance industry in India which has attempted to study the process of
new product development in microfinance institutions. There are no such
empirical research studies on microfinance institutions in India studying the
process of new product development. However, the small sample size of 4 or-
ganizations because of qualitative nature of research may influence the gen-
eralization of the finding. Since the microfinance industry in India is going
through transitory phase, it is pertinent to study the nuances of this industry
in detail. Therefore, there are a lot of opportunities in this area for studying
various factors including external and environmental factors affecting new
product process. Specifically, the future research can examine the impact of
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Sanjeev KAPOOR and Gaurav SINHA
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Journal of Innovation Economics – 2013/1 – n° 11
strategic orientation, role of governance and institutional culture and re-
sources on the process of new product development in detail which might
result into better understanding and generalization of knowledge for product
development. This research also provides cues to go for in-depth analysis
studying the impact of new product development on the institutional sys-
tems and culture of MFIs. Besides, one possible direction for future research
could be based on the rating of the importance of these factors influencing
the new product development process.
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Factors influencing new product development…
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