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New product development (NPD) or product development in business and engineering covers the complete process of launching a new product to the market. Product development also includes the renewal of an existing product and introducing a product into a new market. A central aspect of NPD is product design.
These techniques also include tools and processes to predict, model and simulate the product delivery system (the processes/tools, personnel and organization, training, facilities, and logistics to produce the product/service). In this way, DFSS is closely related to operations research (solving the knapsack problem), workflow
Product design is the process of creating new products for businesses to sell to their customers. [1] It involves the generation and development of ideas through a systematic process that leads to the creation of innovative products. [2] Thus, it is a major aspect of new product development. Product Design Process:
A product strategy sets the direction for new product development. Companies utilize the product strategy in strategic planning and marketing to set the direction of the company's activities. [1] The product strategy is composed of a variety of sequential processes in order for the vision to be effectively achieved.
As product development has become more cost and time efficient over the years, elements of concurrent engineering have been present in product development approaches. The elements of concurrent engineering that were utilized were cross-functional teams as well as fast time-to-market and considering manufacturing processes when designing. [ 5 ]
Products have a limited life and thus every product has a life cycle. Product sales pass through distinct stages, each posing different challenges, opportunities, and problems to the seller. Products require different marketing, financing, manufacturing, purchasing, and human resource strategies in each life cycle stage.
Product-family engineering is a relatively new approach to the creation of new products. It focuses on the process of engineering new products in such a way that it is possible to reuse product components and apply variability with decreased costs and time. Product-family engineering is all about reusing components and structures as much as ...
The Product Development and Management Association (PDMA) is an American nonprofit professional society that organizes and publishes information about new product development. Founded in 1976, [1] they currently have about 3500 members worldwide, [2] with 22 chapters in the United States and 16 affiliates in other parts of the world, including ...