A multifunctional group of individuals chartered to plan and execute a New Product Development project. Virtual product development teams have special concerns due to dispersion. Four Tips for Virtual Teams addresses how to better manage product development efforts when the working team members are dispersed across the globe. For more
A type of new product project that does not introduce dramatic changes to the product, but can influence consumer behavior by implementing new pricing or other cost advantages. Find definitions of more New Product Development terms here.
The process by which a new product is introduced into the market for initial sale. Find more definitions of New Product Development (NPD) terms here.
The overall process of strategy, organization, concept generation, product and marketing plan creation and evaluation, and commercialization of a New Product. Sometimes referred to only as “Product Development.” Find more definitions of New Product Development (NPD) terms here.
Projection of achievable sales revenue, often based on historical sales data, analysis of market surveys and trends, and salespersons’ estimates. Also called sales budget, it forms the basis of a business plan because the level of sales revenue affects many aspects of commercialization of a new product.
I have a Dilbert™ calendar on my breakfast table. It certainly helps to understand that other people can feel what we go through everyday in corporate life! And reading Dilbert everyday fulfills one of my important philosophies in life – You should laugh everyday! The 2010 Dilbert calendar has added
Consider the following statements. We have to design it this way. The customer demands that function. Our factory would need new equipment. Commercial launch dates are fixed in stone. Who do you suppose made each statement: an engineer or a marketer? And what do you suppose is the outcome of
What is Creativity? Can Creativity be taught? I’m sure many managers have asked these questions when faced with an especially challenging project stuck in a rut. In New Product Development (NPD), we often look for creative ways to elicit customer needs and for creative ways to translate these customer