New product development (NPD) frequently encounters failures, whether during the development phase or in the subsequent commercialization stage. These failures can often be attributed to root causes originating in the early stages of NPD, known as the front end. This study aims to investigate the factors that contribute to NPD success and the challenges faced by firms throughout the development process. To achieve this objective, an in-depth qualitative approach utilizing interviews was employed to explore the internal and external factors influencing NPD success. Additionally, the study aims to identify specific challenges encountered by firms during the NPD process. The identification of these factors and challenges are crucial for companies as it can lead to long-term cost savings. The findings of this study have broad implications for firms regardless of their product plans. By adopting the derived approach, companies can effectively navigate the product development process and gain insights into the potential challenges associated with introducing a new product into an existing market. As customer preferences evolve with technological advancements, the barriers and challenges faced by new products entering established markets also increase. Therefore, firms that incorporate the results of this study into their product development practices across various industries can avoid pitfalls and achieve greater efficiency in terms of time and costs. This research sheds light on critical areas that contribute to successful product development and provides valuable guidance for firms striving to excel in their NPD endeavors.