Making time your friend during new product development
New product development allows a business to diversify and venture into new grounds. The idea being that this allows the business to grow and become more successful over time. To have a successful new product development, all the way from conception to product launch requires a substantial amount of a company’s time and resources. In this article, we will look at methods that can be used during this process to ensure that time frames are properly established. This will be done by breaking down separate key objectives of this process, and identifying the factors that affect these specific objectives. From this, each key objective can be given its own time frame, this allows for a more accurate estimation of what time frame the whole development process should take.
If you are in a This will require greater efficiency of your team than theirs. This type of efficiency might be a drain on resources that increases as ou both get closer to launching. Therefore, take into consideration to what extent your business can take the extra strain of resources and other factors compared to that of your competitors. In these circumstances, ask yourself specifically what will be gained by launching it first. Then this can be compared to the costs of getting there first, and seeing if it’s worth it.
Your new product may be one that is seasonal or made for a specific calendar event, such as Christmas. If this is the case, then your time frame needs to be based around a specific date. When there is a specific launch date, you should be prepared for the resources needed for new product development to increase exponentially as the date gets closer, due to this hard deadline.
If you are a company that relies on ‘business as usual’ as a permanent default, then new product development can often effect this sort of necessity. Therefore, you want to make having everything run as smoothly and as normal as possible to be your main priority. If you take this route, then you shouldn’t combine it with a harsh deadline, or to compete with competitors to the finish line. As this approach will mean that resources and time allocation is seriously limited, therefore you need to see this as a long term project, and not something that can be relied upon to come to fruition in the short term.