Managing the new product development process: Strategic imperatives (original) (raw)
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New Product Development Process
Digital Enterprise Challenges, 2002
Firms are facing very short and important innovation cycles, particularly in IT and Telecommunication sectors. Then a question appears: why do some innovations succeed whereas other fail. From offer's point of view, a way could be to evaluate impacts of a decision to innovate for each of the actors involved in this product trajectory. Therefore the goal of such an approach is reducing high Innovation development risks by integrating the diverse stakes of life cycle actors and by helping design teams to integrate the evolution of some key environmental processes. We introduce in this paper the characteristics of the Innovation Process and Engineering Design Phase for high level innovations. In this framework, we propose an Innovation Valuation Model integrating strategic and tactic impacts in term of value and cost.
A framework for successful new product development
Purpose: The purpose of this paper is to propose a framework of critical success factors, metrics, and tools and techniques for implementing metrics for each stage of the new product development (NPD) process.
Introduction to product innovation and new-product development
Product innovation is the overarching management framework for making incremental changes and improvements to products, services, and processes. 1 It includes the conceptualization, design, development, validation, and commercialization of new products for customers and markets in concert with the prevailing conditions and trends. 2 Product innovation involves the creative responses and solutions for meeting the needs and expectations of customers and market(s), the driving forces in the business environment, and the strategic requirements of the organization. Product innovation runs the gamut from improving existing products to discovering entirely new ways of satisfying customers and stakeholders. From an internal perspective, product innovation depends on the knowledge, experience, capabilities, resources, and the prevailing technologies of the organization. From an external perspective, product innovation focuses on customer and stakeholder needs, wants, and expectations. Customers desire excellent products and services with exceptional value, outstanding benefits, high quality, and assured reliability. Meeting such specifications is the exciting challenge of product innovation.
New Product Development: The Performance and Time-to-Market Tradeoff
Management Science, 1996
JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. This content downloaded from 128.91.R eduction of new product development cycle time and improvements in product performance have become strategic objectives for many technology-driven firms. These goals may conflict, however, and firms must explicitly consider the tradeoff between them. In this paper we introduce a multistage model of new product development process which captures this tradeoff explicitly. We show that if product improvements are additive (over stages), it is optimal to allocate maximal time to the most productive development stage. We then indicate how optimal time-to-market and its implied product performance targets vary with exogenous factors such as the size of the potential market, the presence of existing and new products, profit margins, the length of the window of opportunity, the firm's speed of product improvement, and competitor product performance. We show that some new product development metrics employed in practice, such as minimizing break-even time, can be sub-optimal if firms are striving to maximize profits. We also determine the minimal speed of product improvement required for profitably undertaking new product development, and discuss the implications of product replacement which can occur whenever firms introduce successive generations of new products. Finally, we show that an improvement in the speed of product development does not necessarily lead to an earlier time-to-market, but always leads to enhanced products. (New Product Development; Time-to-market; New Product Performance)
Advances in mechatronics and mechanical engineering (AMME) book series, 2018
Globally, new products are launched almost every day. They are developed to provide solutions to common or specialised problems; to enrich our lifestyle; to release us from mundane and monotonous jobs; to give reliable alternatives to old solutions; to amuse us; to provide items that are more pleasing to the eye; to be more ecologically aware etc. What the companies that develop, design, manufacture, market and sell these products are seeking is commercial compensation in the short, medium or long term "success" however you measure it. Subsequently, New Product Development is a major issue for most companies as they seek to reduce time to market, reduce the development cycle, access new technologies and develop more and better products and services. As the development of such new products that can successfully compete in local, national and global markets has thus become a key concern for the majority of companies, so successful NPD is now being seen as a fundamental to both stimulating and supporting economic growth. It is therefore a subject, which has received and continues to receive much attention, particularly in seeking to improve its effectiveness and efficiency. Therefore, paper reviews the New Product Development (NPD) process and considers the variables associated with the different approaches, which may be needed when developing a new product.
Innovative new product development: a case study
Procedia Computer Science, 2019
Innovative new product development has increased high attraction by firms. New product development is an integral part of R&D research. Therefore, new product development process should be systematically performed to increase the impact of the new product on financial data of firms. In this study, Quality Function Deployment (QFD) methodology is utilized for electric vehicle technology. The technology developed is a type of electric towing vehicle. A customer-driven new product development process is utilized thanks to the QFD methodology. At the beginning of the research, a QFD team is formed in the company. A survey study is performed to gather customer requirements. 87 customer requirements are identified based on the survey study. These requirements are classified into five clusters, namely performance, ergonomics, security, maintenance & after sales service, and functionality. Technical requirements to satisfy the customer requirements are determined by the engineers in the company. Relationships between the technical requirements and the customer requirements are found in this study. Subsequently, relationships between the technical requirements are examined to construct the roof of the house of quality for the QFD. Then, the relative importance of the technical requirements are calculated to reflect the customer requirements. Finally, a new product is designed through use of the QFD methodology. The new product developed is 100% electric vehicle and multi-functional product.
Omega, 1996
In response to an increasingly global and competitive environment, reenglneering of fundamental cross functional processes is being actively pursued by corporatiom. This is particularly true in those industries which evolve rapidly. The flexibility to adapt to changing market needs and develop innovative products in such an environment is quintessential to success. This would make new product development arguably one of the moot critical cross functional process. Traditionally, this process has involved ine•cient sequential processing of information and plans between functional specialties. We propose a conceptual framework in this paper that facilitates innovation, flexibmty, and an understanding of the reenglneering of this product planning process. In particular, we consider the case of high technology firms in the semiconductor and telecommunications industry, which demands a high degree of product innovation. We propose that achieving innovation and flexibmty would require a considerable degree of planning and coordination through the various phases of development. This cunrdlnation is required not only across functional groups, but also across the hierarchical levels in the organization. Top level management support through a product champion, and proper interfacing with the external environment and the target market are essential components of such a planning process. The proposed framework is initially developed based on information elicited from an expert engaged in the product planning and development process at a large progressive telecommunications firm. The framework is then refined and finally presented based on feedback from five experts in the high technology electronics industry, and also evaluated in the context of prescriptive literature in the reengiueering and innovation areas. The information and conceptual content of the framework presented in this paper can facilitate better planning, formation, and organization of crnss-functianal work teams and groups that may be involved in the product development process. Implications of the framework for strategic product planning and its impact on the manufacturing function within a firm are also discussed.
This report is an indication of the potential strength and weaknesses of company strategies implemented in the pursuit of their competitive advantage including the challenges that are confronted by the organisation during their procedure of applying an effective innovation strategy within the organisation. One would also scrutinise how the development in new innovative strategy of the organisation is reacting to the increasingly World wide business challengine requirements by using the acadamic concept debated in lecture as a foundation of this research and analysis.This report also shows a critical examination of the effect of innovative strategy on BP new product development within the organisation, the future development strategy and the competitive advantages of the organisation potential weaknesses and innovation strategy.
The drivers of success in new-product development
Industrial Marketing Management, 2019
Why are some new products so successful and some companies outstanding performers in new-product development? The article identifies success factors from numerous research studies into NPD (new-product development) performance in industry. Three categories of success drivers have been defined. First, success drivers, that explain the success of individual new-product projects, are more tactical: They capture the characteristics of new product projects, such as certain executional best practices (building in voice-of-customer; doing the front-end homework; and adopting a global orientation for the project), and well as the nature of the product itself (a compelling value proposition, for example). A second category is drivers of success at the business level: They include organizational and strategic factors, such as the business's innovation strategy and how the firm makes its R&D investment decisions; how it organizes for NPD; climate and culture; and leadership The third category of success divers identified is the systems and methods the firm has in place for managing NPD, for example gating systems, Agile development approaches, and ideation methods. The details of each of these 20 success drivers, along with their managerial implications, are outlined in the article.