An Evaluation of the Role of Financial Planning in New Product Development at Haldiram Foods International

Abstract

The role of financial planning in new product development (NPD) is crucial to the successful launch and sustainability of new offerings. At Haldiram Foods International, financial planning not only supports the allocation of resources but also ensures the optimization of costs, managing risks, and evaluating profitability during the NPD process. By examining how financial strategies influence decision-making, resource distribution, and product lifecycle management, this study provides a comprehensive analysis of the financial aspects involved in NPD. The research highlights the importance of financial models in forecasting market demand, calculating expected returns, and determining necessary investments. It further explores the integration of financial planning with the marketing, production, and innovation departments to facilitate smooth project execution. The study also considers the challenges faced by Haldiram Foods International in balancing financial constraints and creative development, offering insights into how effective financial planning can guide decision-making processes and reduce financial risks. Through qualitative analysis, including interviews and case study methods, the research uncovers the complexities of financial planning within the broader context of strategic business growth. The findings emphasize the need for robust financial structures to drive the innovation and success of new products in a competitive market. This paper aims to serve as a reference for other businesses aiming to strengthen their financial planning strategies within NPD to enhance profitability and market positioning.