New Product Development

7184 Words29 Pages
1. Executive Summary ....................................................................................................03
2. Introduction .................................................................................................................04
3. Product Development Overview .................................................................................05 3.1 Need for continual Product Development.......................................................05 3.2 NPD Process…………………………………………………………………06 3.3 Types of New Products ....................................................................................12 3.4 Product Development
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While some of these differences are the result of legitimate differences in their business strategy, business environment, organization, and the nature of their products, a frequent problem is the lack of a common framework of the best practices of product development. With extensive investment of time, an organization could develop the broad, internal expertise necessary to produce an effective improvement plan for product development. During the entire process from conceptualizing to the launch of new product;the activities of the production and marketing functions are as important as those of product development/design function. Many of these activities are interdependent and the new product design must fit in not only with the production and marketing functions of the company but also with a company’s marketing & operations strategies and the existing systems & policies.If a new design warrants change in these strategies or policies or systems , it needs the wholehearted concurrence of production & marketing functions.

NEED FOR PRODUCT DEVELOPMENT
In today’s competitive world, companies must aggressively improve the way that they develop products. While the concepts of NPD are simple, the implementation of these practices and the process of changing a company 's culture is challenging. Success can be achieved with a well-planned and managed effort. Management must understand not only the
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