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Consider the product level models of New Product Development - Essay Example
Author : cartermaddison
Design & Technology
Pages 5 (1255 words)
Key Elements in New product Development (Name) (University) (Course) (Tutor) (Date) Introduction New product development is one path that a company might want to take to provide for future profitable growth. Many companies manufacture products internally getting input from customers, workers, suppliers and external consultants…
These factors make the approach to new product development a critical one (Ribbens, 2000, p. 1). The process thus requires management support; it must also benefit from the experience of new product development teams composed of people from all affected activities; it has to follow distinct phases with extremely well defined activities in order to enhance understanding, greater accuracy and reduce risks and failures that are eminent in new product development. Key elements in new product development The process of new product development takes into consideration seven distinct elements, stages or phases. The first element is idea generation. This is the most critical aspect of all the elements in new product development because without idea generation it is difficult to come up with new products. Here ideas are gathered which present possible product options. Many companies conduct idea generation as a continuous process with contributions from within the organization and outside the organization. ...