- Identify opportunities for new products and services
- Manage the research and development portfolio
- Design and develop the new products and services
- Bring the new products and services to market
Antcipate future needs for customers and identify the needs for new products and services.
Once ideas for new products and services have been, decisions need to made on which ones to fund and which was to cut. The ones which are being funded need to be kept under review
in case of new opportunities and resource constraints and whether to continue supporting the project at the current level of resources e.g. money, capital equipment, and people or to reduce resource commitments, or to stop the project because of limited progress made to date or more attractive opportunities which may have recently been identified.
A successful design and development process finishes as a product which has the desired functionality, is attractive to the targeted market, and can be produced with consistent quality and at a cost allows satisfactory profit margins to be earned. The development process also has to meet its own targets for completion time and development cost.
This process follows these stages:
Concept development
Product Planning and
Detailed product and process engineering
In this stage the product team releases the the product for initial ramp-up into commercial production and starts pilot production to finalize the specifications for the production process and tests whether the new or modified manufacturing processes can produce the finished product at commercial level of production.
They then start a commercial production at low levels and the marketing ans sales teams start selling to customers. When customer orders start rising the product production increases and when the company achieves targeted levels of sales and production, at specified levels of product functionality, quality, and cost, the development project concludes.
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