Product Development Management

Product Development Management Summary For any manufacturing industry to make any meaningful success in the competitive market, proper management of the new product development process, is a must to ensure the correct products are rolled to the market at the right time at a reasonable cost otherwise the industry has to make losses. Production is a multi-factorial process involving much planning and management which must be done with the aim of maximizing product fit with market need, shorten development process, and minimize development costs.Advertising We will write a custom report sample on Product Development Management specifically for you for only $16.05 $11/page Learn More Maximizing Customer’s Needs Maximizing customer’s needs ought to be the first priority and this must be achieved with extensive market study and research. This will enable delivery of not only customer requirements but also at an affordable price. Apple’s Newton Message Pad failed due to fail ure to meet customer’s need while on the other hand Phillips failed due to production of both very sophisticated and expensive product. Massive losses can be minimized by cutting down on development time society that the products hit the market at the optimum time neither too early nor too late. Bringing products to the market brings customer loyalty and early market capture while late entry may find that market has already been taken. In addition production costs are likely to be cut in the process though rushing may compromise on quality of the products. The whole process of development must be both effective and efficient for profit maximization. Product development Product development takes place in stages which may occur either sequentially or concurrently and it is the work of production managers to make sure that product design, concept development and manufacturing in every stage is coordinated for optimum results and also for early detection of flaws or feasibility. Project championing is important in that project managers can take the challenges and responsibility of the project. Project managers are better positioned to integrate communication and cooperation from different branches and levels of production. They can provide the drive and the motivation needed to take the risk in the project. However precaution must be taken to ensure that too optimistic managers do not push projects further into losses even when it is evident the project is failing. Development process will bear much result if both customers and suppliers are involved in the development process. Most manufacturing industries involve customers in the manufacturing process by releasing semi finished or beta products to access the response of the customers. Suppliers are also involved in order to make sure that different supplies are incorporated in the manufacturing process whilst at the same time checking on timeliness and cost. Improving new product development process can b e made through techniques such as stage gate processes whereby the viability of the whole project is rigorously checked at every level. Design for manufacturing involves techniques such as making of prototypes, use of Computer-aided design (CAD) to build and test new design before the actual manufacturing. Computer aided manufacturing enhances quality product manufacturing by use of computer controlled automated production.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Conclusion Measuring new product development performance is important in ensuring that the goals previously set are actually met and making timely corrections when the need arises. By use of various product development process metrics different dimensions of the firm’s potential to complete a given project successfully as per previously set targets are analyzed. All this concepts, stages and processes are important in ensuring effective new product development process.