In business and engineering, product development or new product development (PD or NPD) covers the complete process of bringing a new product to market, renewing an existing product or introducing a product in a new market. A central aspect of NPD is product design, along with various business considerations. New product development is described broadly as the transformation of a market opportunity into a product available for sale. The products developed by an organisation provide the means for it to generate income. For many technology-intensive firms their approach is based on exploiting technological innovation in a rapidly changing market.
The product can be tangible (something physical which one can touch) or intangible (like a service or experience), though sometimes services and other processes are distinguished from "products."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. Aiming at these three variables, innovative companies develop continuous practices and strategies to better satisfy customer requirements and to increase their own market share by a regular development of new products. There are many uncertainties and challenges which companies must face throughout the process.
The product development process typically consists of several activities that firms employ in the complex process of delivering new products to the market. A process management approach is used to provide a structure. Product development often overlaps much with the engineering design process, particularly if the new product being developed involves application of math and/or science. Every new product will pass through a series of stages/phases, including ideation among other aspects of design, as well as manufacturing and market introduction. In highly complex engineered products (e.g. aircraft, automotive, machinery), the NPD process can be likewise complex regarding management of personnel, milestones, and deliverables.
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Through a project, this course will introduce the critical steps in developing a chemical process in the context of industry decarbonisation, from the lab to industrial scale.
This course is an introduction to the alignment of enterprise needs with the possibilities offered by Information Technology (IT). Using a simulated business case, we explore how to define the require
The course introduces the paradigm of quantum computation in an axiomatic way. We introduce the notion of quantum bit, gates, circuits and we treat the most important quantum algorithms. We also touch
Develop your promising idea into a successful business concept proposal, and launch it! Gain practical experience in the key steps of the venture creation process, including marketing and fundraising.
Develop your promising idea into a successful business concept proposal, and launch it! Gain practical experience in the key steps of the venture creation process, including marketing and fundraising.
In industry, product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from its inception through the engineering, design and manufacture, as well as the service and disposal of manufactured products. PLM integrates people, data, processes, and business systems and provides a product information backbone for companies and their extended enterprises. The inspiration for the burgeoning business process now known as PLM came from American Motors Corporation (AMC).
Product management is the business process of planning, developing, launching, and managing a product or service. It includes the entire lifecycle of a product, from ideation to development to go to market. Product managers are responsible for ensuring that a product meets the needs of its target market and contributes to the business strategy, while managing a product or products at all stages of the product lifecycle. Software product management adapts the fundamentals of product management for digital products.
Product design as a verb is to create a new product to be sold by a business to its customers. A very broad coefficient and effective generation and development of ideas through a process that leads to new products. Thus, it is a major aspect of new product development. Product design process: the set of strategic and tactical activities, from idea generation to commercialization, used to create a product design. In a systematic approach, product designers conceptualize and evaluate ideas, turning them into tangible inventions and products.
Explores the development process of a medical product and the significance of meeting industry standards and market demands.
Explores innovation challenges, emphasizing market dynamics, failure's value, and strategic decision-making in product development.
Explores the entrepreneurial journey of Insolight's CEO, from innovative solutions to scaling challenges in the renewable energy sector.
At the conceptual stage, building performance simulation (BPS) based evaluations are being increasingly used for tasks such as ranking of competing massing design proposals. However, such conceptual stage evaluations suffer from information deficiency in b ...
2023
This thesis investigates the economic effect of patents and the patent system through the lens of patent commercialisation. The thesis is composed of four chapters, where each chapter is an independent scientific paper. In the first chapter, we present a n ...
Peer-to-peer sharing induces persistent changes in product design. Besides bifurcating product durability, this adaptation increases the compatibility of collaborative use with rent extraction—from a producer’s viewpoint. For owners it decreases the commit ...