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Design & Technology
Pages 3 (753 words)
Name Date Professor’s Name Course Section/# Article Review: A More Rational Approach to New-Product Development The article argues that some sense can be made out of the overall product development process. Although many firms languish in this stage and waste valuable time and resources, the authors argue that the process can be defined and regulated to yield the highest number of profitable returns while minimizing risky developments that will likely not yield a high degree of profitability.
In this way, much of the waste in time and money that is often associated with new product development is ameliorated. The article goes on to detail how Eli Lilly created a special team which was named “Chorus” whose sole purpose was to guide and direct research and development of new product lines based up on the metrics that have been previously related. Due to a strict adherence to the previous rubric, Eli Lilly was able to nearly double the amount of drug compounds that they developed between both 12 and 24 month periods. The article continues to describe the pitfalls that not employing such logic can provide to the overall process. Furthermore, the authors detail the situation that often arises where key leaders and shareholders ignore the obvious signs that a product line displays during development regarding its ability to succeed in the marketplace and yield a profit. Oftentimes, this is the result of the fact that management and/or key leaders have strong beliefs with respect to the overall viability of a given product and are therefore reticent to accept any proof that the line may result in eventual failure. ...
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