product development

Introduction

Product development is a critical strategy for companies aiming to stay competitive in dynamic markets. It involves the creation of new products or the rebranding of existing ones to meet evolving business needs. This synthesis explores various research findings on product development, focusing on key factors that influence its success, methodologies, and best practices.

Key Insights

Cross-Functional Collaboration:
- Effective product development often involves cross-functional teams that include engineering, marketing, manufacturing, and supply-chain functions. This collaboration leads to better product designs, faster time to market, and lower production costs .
Global Product Development (GPD):
- Tying decentralized development organizations into a cohesive global operation can enhance growth and innovation. This approach has been successfully implemented by companies like Hewlett-Packard and Hyundai Motors.
Lean Thinking and Value Stream Mapping (VSM):
- Applying lean thinking and VSM can significantly reduce lead times in product development by identifying and eliminating waste and inefficiencies.
Discontinuous vs. Incremental Innovation:
- The process for developing discontinuous (radical) innovations differs from that for incremental (evolutionary) products. Discontinuous innovation is more exploratory and less customer-driven, often driven by emerging technologies and environmental factors.
Systematic and Structured Methodologies:
- Implementing structured tools and systematic methods in the product development process can facilitate better decision-making, data processing, and communication within development teams .
Senior Management Support and Resource Management:
- Successful product development is heavily influenced by senior management support, early integration of functional expertise, and effective resource management. An organizational environment that supports teamwork is also crucial.
Factors Affecting Product Development Success:
- Key factors include the behavior of team members, project leaders, senior management, customers, and suppliers. The distinction between process performance and product effectiveness is also important .

Conclusion

In summary, successful product development hinges on cross-functional collaboration, global integration, lean methodologies, and structured processes. Both incremental and discontinuous innovations require tailored approaches, with senior management support and effective resource management playing pivotal roles. By considering these factors, companies can enhance their product development strategies and achieve better market outcomes.

Product development

Summary

Introduction

Key Insights

Conclusion

Sources and full results

PRODUCT DEVELOPMENT: PAST RESEARCH, PRESENT FINDINGS, AND FUTURE DIRECTIONS

Product development success depends on process performance and product effectiveness, with agents like team members, project leaders, and senior management influencing these outcomes.

The new practice of global product development

Global product development (GPD) can enhance growth and innovation by integrating decentralized development organizations into a cohesive, unified global product development operation.

Product Development

Product development is significantly influenced by global innovation, international products, customer requests, and production technology, requiring firms to consider these factors before implementing a product development strategy.

Special Issue on Design and Development: Product Development Decisions: A Review of the Literature

Product development is a deliberate business process involving hundreds of decisions, with knowledge and tools being useful in supporting these decisions.

Value stream mapping to reduce the lead-time of a product development process

Value stream mapping (VSM) can reduce product development lead-time by 50% by identifying wastes and inefficiencies in a single process.

Discontinuous innovation and the new product development process

Discontinuous product development processes are more exploratory and less customer-driven than incremental processes, with prototype construction preceding opportunity analysis, market attractiveness, and financial analysis.

Implementing the new product development process

Implementing a new product development system in an electronics firm involved organizational development processes, highlighting the importance of embedding good-practice behaviors and structures.

Roadmap to a Successful Product Development

This study presents a product development process that accurately predicts market success, guiding small to medium-sized product development through multiple phases and enabling successful conversion of failed concepts into profitable prospects.

New methodology for product development process using structured tools

A systematic method using structured tools effectively transforms ideas into products, facilitating communication and enhancing the development team's efficiency.

Accelerating the Development of Technology-Based New Products

Companies can accelerate new product development by enhancing senior management support, early integration of functional expertise, resource availability, and fostering teamwork-friendly organizational environments.

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