Managing the New Product Development Process: Strategic Imperatives

938 WordsAug 30, 20124 Pages
Article Review Managing the new product development process: Strategic imperatives Background The article published by Academy of Management, “Managing the new product development process: Strategic imperatives” focuses on the issues regarding new product development, its processes and strategies. Now a days, new product development is single most important factor that leads to firm’s success or failure for many industries. Though the new product failure are still high the importance of new product development has grown dramatically over the last few decades, and is now the dominant driver of competition in many industries. So, it shows that the emphasis on new products has prompted researchers from strategic management, engineering,…show more content…
Basically, the process proposes an outline to move projects through the different stages: 1) idea generation, 2) preliminary investment, 3) business case preparation, 4) product development, 5) product testing, and 6) product introduction. House of Quality: The House of Quality is a conceptual organizing framework for enhancing communication and co-ordination between engineering, marketing, and manufacturing personnel. The most important characteristic is its positive effect on cross-functional communication, and through that, on cycle time and the product/customer fits. Design for Manufacturing: To facilitate integration between engineering and manufacturing, and to bring issues of manufacturability into the design process as early as possible. Many companies have already practiced designing for manufacturing methods (DFM). Computer Aided Manufacturing: Rapid advancement in computer technology has enabled the development of low priced and high powered graphics-based workstations. The advantage of this technology is that prototypes can now be built and tested virtually. Computer aided design is often used early in the development process, and may be implemented for basic R&D and breakthrough research projects. Main idea in the article Despite the rapidly increasing amount of attention that new product development has received over the last decade, the
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