According to customer requirements the product strategy is devised since it’s the customers that we have to satisfy because at the end of the day it’s the customers we need to satisfy. Market research helps to decide the product strategy and gives a general basis of what the customers want exactly so that the company provides what is demanded and sweeps away the market share. The concept generation than follows because once the company decides what they are supposed to produce based on customer requirements then the concept is generated to bring it into reality. Brainstorming helps to generate the concept and then the best one that is the most feasible one is selected out of the many ideas generated.
Once the concept is selected then the company aims to design the product in detail since the base has been formed so the details are built on the basis of this foundation. Once the product is researched and designed then the manufacturing and marketing strategies are decided so the production and marketing department come into action. The manufacturing strategy will aim to achieve economies of scale by reducing costs and also producing the best quality. Then releasing the product is not the last step because continuous improvements or Kaizen is necessary to implement. Innovation management is essential in order to stay ahead of the competitors and it’s important to improve the product to increase its life cycle and also to keep the customer engaged. Organizational context and objectives are important to consider since the project has to be in synch with organizational objectives. Project management is essential so that the entire project is managed effectively and efficiently without any loopholes and also that the final result is achieved within the set time limit. Metrics, maturity and goals need to be in vogue with the entire project of NPD to make it a success. A chart of this structural model for NPD has been added in the appendix.
These are just random excerpts of essays, for a more detailed version of essays, term papers, research paper, thesis, dissertation, case study and book reviews you need to place custom order by clicking on ORDER NOW.