Business Management

How to efficiently execute a new product development?

01.12.2017 at 19:27 h / Edited 06.07.2018 at 19:53 h
Solved

Daniel uk agent compliance manager at transfer rapid ltd

2

I am a manager in a financial services company. The company I am managing for 3 years is planning to develop a new product.

My team has started working on the new product. The sales and marketing team are writing to me some reports and analysis, but I would like to  try something innovative and easy to grasp. 

What is the best approach for New Product Development, or NPD?

I would appreciate any innovative ideas and practices implemented by you- consulthons.

 

 

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Solution

Mark Owner / Director / Consultant (PMO & Change)

1

Hi Daniel,

After many years of delivering NPI & NPD in sectors such as Medical Devices, Aerospace, Automotive and I.T I have found the best approach is purely to map it all out from Market Awareness through to Market Introduction.

Start with the original market requirement; is there one? If so imagine the end product entering the market; what is the product readiness level (technology); what is the market readiness level (industry)

Or is it a true invitational product with the potential to rock the market? if that is the case decide on what readiness levels you would like to hit. Define your end goal (benefit).

Then process map the stages in between but remember to have enough flexibility to make changes as you go. Do not be too worried about fluctuations but remain true to your original product criteria.

If you need further advice then I am happy to help and could probably help you create a NPD Delivery process as currently I have a bit of free time.

Hope this helps the thought processes.

Regards

Mark

Marieta Lean Consultant Legal Sector

0

 Check Ansoff Matrix and Growth Share matrix. I have previously used both and the results are really good, once you have done a detailed brainstorming why.

George

1

Yes I do agree with the above answer. One other thing is to check the market reports that you have on your desk and map them out against the trends you are collecting from primary and secondary sources.  Inevitably, you will find a gap. It does need rational and gut approach applied together.  A new product is always a risk and an opportunity. Where will this NPD initiative you are thinking be placed on a SWOT analysis?  How will this NPD help you mitigate any risks associated with the threats according to yearly plans? The solution may be inside and outside the box.

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