New Product Development
In business and engineering, new product development (NPD) covers the complete process of bringing a new product to market. New product development is described broadly as the transformation of a market opportunity into a product available for sale.
NPD requires an understanding of customer needs and wants, the competitive environment, and the nature of the market. Cost, time and quality are the main variables that drive customer needs, Engineering design is the process whereby a technical solution is developed iteratively to solve a given problem,
The design stage is very important because at this stage most of the product life cycle costs are engaged. Previous research shows that 70–80% of the final product quality and 70% of the product entire life-cycle cost are determined in the product design phase, therefore the design-manufacturing interface represent the greatest opportunity for cost reduction. Design projects last from a few weeks to three years with an average of one year.
February 03rd, 2021
Have you thought how a customer interacts with your product? What are the first few important moments they go thru?