The fundamental steps include understanding the needs for new products, discovering existing and potential sources of ideas, describing internal and external requirements, and assessing the opportunities. Quality Function Deployment, Design for Manufacturing, and Computer Aided Design/Computer Aided Manufacturing may be useful on different projects.Exploring new-product opportunities involves the generation, development, and evaluation of ideas for new products. Development teams should include people from a diverse range of functions and should include suppliers and customers to improve the project's chances of maximizing the fit with customer requirements while reducing cycle time and potentially reducing costs. Other imperatives include using a parallel (rather than sequential) development process to both reduce cycle time and to better incorporate customer and supplier requirements in the product and process design, and using executive champions to ensure that projects gain the resources and organizational commitment necessary to their completion. When firms are choosing technologies to acquire externally, they must assess the importance of the learning that would be accrued through internal development of the project, and its impact on the firm's future success. Strategic alliances to obtain enabling technologies may shorten the development process, but partners must be chosen and monitored carefully. Their success also rests on how well the technology areas they enter contribute to the long term direction of the firm by helping them build new core capabilities critical to the firm's long term goals. Successful firms are those that articulate their strategic intent and map their R&D portfolio to find a fit between their new product development goals and their current resources and competencies. While these objectives often pose conflicting demands on the firm, there is a growing body of evidence that the firm may employ strategies to successfully meet these objectives. Most conclude that in order to be successful at new product development, a firm must simultaneously meet two critical objectives: maximizing the fit with customer needs, and minimizing time to market. The emphasis on new products has spurred researchers from strategic management, engineering, marketing, and other disciplines to study the new product development process. For many industries, new product development is now the single most important factor driving firm success or failure.
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