PRODUCT DEVELOPMENT AS A STRATEGIC MANAGEMENT TOOL

ABSTRACT

Numerous types of management tools can be applied to innovation management -conceptual and mathematical models, frameworks, checklists, benchmarking tool and specific techniques and methodologies. This paper reviews a variety of such tools, examines their take-up by and usefulness to industry and speculates on their relevance and applicability in complex product system industries. The development of many of the tools has been informed by the large body of research into the success and failure of innovation, much of which has been based on studies of mass produced consumer products rather than the one-off, customised or small batch-produced industry-to-industry products that characterise CPS production. As a result, many of the innovation management tools are likely to be of limited use to CPS innovation. Areas where tools may be of assistance in CPS firms include technology acquisition and risk assessment, project management and, given the increased importance of embedded software in CPS, software management tools.

TABLE OF CONTENTS

Title Page i

Dedication ii

Acknowledgement iii

Abstract iv

Table of Content v

CHAPTER ONE vi

Introduction 1

Generating Ideas 6

Evaluating and Screening Product Ideas 7

Protecting your Ideas 7

Finalizing design research and development 8

Example of Product Development 13

CHAPTER TWO

Product Development Strategy 14

Product Development Diversification Strategy 14

Product Modification Strategy 15

Revolutionary Product Development 15

Benchmarking the Process 15

Consumer Front and Center 16

CHAPTER THREE

Developing Successful Strategies 18

What are the criteria for Developing a good strategy 19

When should you develop strategies for your Initiative 21

How do you develop strategies 22

Example: The Strategies of the RTR Coalition 27

CHAPTER FOUR

Product Development as a Strategic Management Tool 30

Steering Committees 32

Conclusion 35

References 37

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APA

YWH9nGq5c0006a088b224.87258818, C. (2018). PRODUCT DEVELOPMENT AS A STRATEGIC MANAGEMENT TOOL. Afribary. Retrieved from https://beta.afribary.com/works/product-development-as-a-strategic-management-tool-710

MLA 8th

YWH9nGq5c0006a088b224.87258818, CXRbMXY5c0006a08804a6.07849201 "PRODUCT DEVELOPMENT AS A STRATEGIC MANAGEMENT TOOL" Afribary. Afribary, 29 Jan. 2018, https://beta.afribary.com/works/product-development-as-a-strategic-management-tool-710. Accessed 24 Apr. 2025.

MLA7

YWH9nGq5c0006a088b224.87258818, CXRbMXY5c0006a08804a6.07849201 . "PRODUCT DEVELOPMENT AS A STRATEGIC MANAGEMENT TOOL". Afribary, Afribary, 29 Jan. 2018. Web. 24 Apr. 2025. < https://beta.afribary.com/works/product-development-as-a-strategic-management-tool-710 >.

Chicago

YWH9nGq5c0006a088b224.87258818, CXRbMXY5c0006a08804a6.07849201 . "PRODUCT DEVELOPMENT AS A STRATEGIC MANAGEMENT TOOL" Afribary (2018). Accessed April 24, 2025. https://beta.afribary.com/works/product-development-as-a-strategic-management-tool-710

PRODUCT DEVELOPMENT AS A STRATEGIC MANAGEMENT TOOL

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