New Product Development Model
Introduction
Product development has always been a critical part of any company’s success. It is a complex process that involves a team of people, focusing on the creation of a product that meets the customer’s specific needs. Furthermore, it also involves the assessment of economic feasibility of the proposed product prior to its implementation. As technology advances, the need to rapidly develop innovative products that solve new problems or better serve existing ones, has become increasingly important. This has led to the development of new product development models that allow companies to efficiently and quickly produce new products.
Background
In the past, product design and development processes were mostly done manually. Individuals applied specific set of guidelines and processes to ensure the successful development of the product. Much of this design and development involved trial and error, meaning a significant amount of resources was consumed due to the iterative nature of the process. Additionally, due to the lack of standard training processes, design teams were often not experienced enough, leading to the production of products of inferior quality.
The introduction of computer aided design and computer aided engineering programs has allowed design and development teams to significantly reduce the development time of new products and increase their overall efficiency. The use of CAD and CAE programs allowed companies to produce products at a faster rate without sacrificing quality. This ultimately led to a decrease in the costs associated with product development.
Process Overview
New product development models typically consist of different phases that can vary in complexity depending on the industry. The phases are sequential, meaning each phase depends on the successful completion of the previous one.
Idea Generation starts the process by focusing on the identification of potential problems and the investigation of the customer’s needs. This is typically done through surveys or focus groups.
Market Research is used to analyze the customer’s needs, market trends, and competition. This helps the team better understand the potential of the idea and to commit resources to its development.
Concept Development focuses on creating a detailed design specification when the product idea is chosen. This is done by evaluating different design options and exploring all potential solutions.
Product Prototyping follows, which seeks to create a physical representation of the concept that can be tested and evaluated. This helps the team to determine whether the concept is feasible and viable.
Testing and Evaluation is done to assess the prototype’s performance and identify areas that need further improvement. This includes a variety tests and simulations that can detect design flaws and potential risks associated with the product.
Product Readiness concludes the process, where the team determines whether the product is ready to be commercialized. This requires the assessment of cost, resource availability, and customer acceptance.
The new product development model is designed to allow companies to create innovative and high quality products in a short amount of time. It also reduces the amount of wasted resources due to trial and error processes and provides a clear process for businesses to follow.
Conclusion
The new product development model is an essential element of any product design and development process. It allows companies to quickly and efficiently develop products that meet the customer’s needs and the current business objectives. This model has enabled companies to significantly decrease the development times and resources associated with creating innovative and quality products.
