It has been reported that new product development based on value innovation—which seeks to provide customer utility at low cost—achieves higher performance than new product development based on technological innovation that relies on scientific knowledge. However, systematic research on how, from a methodological standpoint, value innovation new products can be developed is difficult to find. In this context, this study began with the aim of identifying what methodologies enable value innovation new product development and what the interrelationships among these methodologies are. According to the analytical results of this study, the following three methodologies were confirmed to have a positive effect on value innovation new product development: (1) reconstructing market boundaries (a method of discovering new customer value elements by expanding the existing narrow market scope), (2) strategic learning (learning efforts to strategically anticipate future market needs and secure necessary capabilities), and (3) core competence (a method of satisfying diverse customer needs by leveraging core technologies that a firm has accumulated in the past). Specifically, regarding the degree of influence of each methodology, the market boundary reconstruction methodology had the greatest impact, followed by the strategic learning method, and lastly, the core competence leveraging method was found to indirectly influence value innovation new product development. Furthermore, an investigation of the relationships among market boundary reconstruction, strategic learning, and core competence revealed that strategic learning positively influenced market boundary reconstruction, and core competence positively influenced both value innovation new product development and strategic learning. These research findings suggest that to achieve successful value innovation new product development, various methodologies should be utilized, and the approach should ensure that synergistic effects among these methodologies can be realized.