NEW PRODUCT DEVELOPMENT Essay Example | Topics and Well Written Essays - 2000 words

NEW PRODUCT DEVELOPMENT - Essay Example ject is dependent on the markets expectations and changing preferences, to introduce a new idea, the company should look at time as a scarce resource. What the new product development manager can do is to look at the whole process and see what to cut down without compromising the quality of the product. For instance, if the new product entails smaller risk, the test marketing can be done on a smaller and shorter scale so as to cut down on time to deliver the product to the market without cutting down on the value that will be provided to the consumer. Also, the new product development manager can utilize simultaneous product development which utilized cross-functional planning. This will cut down on the time it takes to pass on from one process to another because all the involved functions will be part of the planning process. The new product development manager can significantly cut down on time it takes from idea generation to launching the product to the market. For new product development, financial budget is one of the crucial factors that can determine the success of a new project. As new projects in terms of overall research throughout the process can be costly, not enough budget is one of the challenges that a new product development manager can experience. It is very usual that the whole project has an initial budget as included by the company. However, since these are new projects that are supported by new technology, those budgets are usually the best estimates of those who are involved. Midway through the project, the new product development manager will learn that the costs are significantly different from the estimates, and that the budget that has initially been set, usually by the top management is insufficient. Due to certain management policies and corporate politics, revision and application for a new budget to be approved is usually a problem. Thus, a new product manager could be left with what was initially planned, and decide to pursue or