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SCAVENGING REPORT
New Product Strategy The basic purpose of new product strategy is to provide unifying direction. It specifically notes and tempting development areas that are off limits; it clearly specifies those areas where effort is to proceed; and it adds any other direction appropriate and relevant to the firm. A firm going for NPD needs to keep in mind: Market and Technology Mix Degree of Innovation Price and Quality ranges Promotional requirements Strengths & Weakness of the firm Competitive environment and how to avoid it Production requirements If new technology, then Patent requirement Risk factors Market Research Break even sales
The primary key success factor of the development process is the use of cross--functional teams. The influence of cross-functional teams on product performance or the cost of product development and on the speed of product development has been demonstrated as a competitive advantage and is critical to the success to many companies. As a measure of successful product development, cost of development is viewed as much less significant as the advantage gained by rapid product development. A firm needs to have cross--functional teams to be successful, whether new product
Bibliography
1. 2. 3. 4. 5. Product Design and Development by K. T. Ulrich and S. D. Eppinger Best practices in new product development by Roland Berger Success Factors Of New Product Development Processes By Schimmoeller, L., J. New Product Development by Springer A More Rational Approach to New-- Product Development by Eric Bonabeau, Neil Bodick, and Robert W. Armstrong