Challenges of Product Development

Group no : 3Group no : 3Topic : Topic : Challenges of product

development

Guided by : Guided by : Prof. R.I.Patel Prof. R.I.Patel Name of member and enrollment no :Name of member and enrollment no :

1.1.Paldeep chauhan : Paldeep chauhan : 090180119003090180119003

2.2.Aamir shakir : 090180119004Aamir shakir : 0901801190043.3.Pragnesh patel : 090180119006Pragnesh patel : 090180119006

What is product ?What is product ? Product is something sold by an Product is something sold by an

enterprise to its customers.enterprise to its customers. Product is a set of attributes offered Product is a set of attributes offered

to customers to fulfill their needs or to customers to fulfill their needs or requirements. requirements.

What is product What is product development?development?

Product development is a set of Product development is a set of activities beginning with the activities beginning with the perception of a market of opportunity perception of a market of opportunity and ending in the production, sale and ending in the production, sale and delivery of product. and delivery of product.

Challenges of product Challenges of product developmentdevelopment

Developing great products is hard.Developing great products is hard. Few companies are highly successful Few companies are highly successful

more then half time.more then half time. These odds present a significant challenge These odds present a significant challenge

for a product development team.for a product development team. Some of the characteristics that make Some of the characteristics that make

product development challenging are product development challenging are

Characteristics of challenge of Characteristics of challenge of product developmentproduct development

1.1. Trade offTrade off2.2. DynamicsDynamics3.3. DetailsDetails4.4. Time pressureTime pressure5.5. EconomicsEconomics6.6. CreationsCreations7.7. Satisfaction of societal and individual Satisfaction of societal and individual

needsneeds8.8. Team diversityTeam diversity9.9. Team spiritTeam spirit

Description of Description of characteristicscharacteristics

1.1. Trade offsTrade offs An airplane can be made lighter, but this An airplane can be made lighter, but this

action will probably increase action will probably increase manufacturing cost.manufacturing cost.

One of the most difficult aspect of product One of the most difficult aspect of product development is recognizing, development is recognizing, understanding and managing such trade understanding and managing such trade offs in a way that maximizes the success offs in a way that maximizes the success of the product.of the product.

2.2. Dynamics Dynamics Technologies improve , customer Technologies improve , customer

preferences evolve, competitors preferences evolve, competitors introduces new product, and the introduces new product, and the macroeconomic environment shift.macroeconomic environment shift.

Decision making in an environment Decision making in an environment of constant change is a formidable of constant change is a formidable task.task.

3.3. Details Details The choice between using screws or The choice between using screws or

snap-fits on the enclosure of a snap-fits on the enclosure of a computer can have economic computer can have economic implication millions of dollars.implication millions of dollars.

Developing a product of even modest Developing a product of even modest complexity may require thousands of complexity may require thousands of such decisions.such decisions.

4.4. Time pressureTime pressure Any one of these difficulties would Any one of these difficulties would

be easily manageable by it self be easily manageable by it self given plenty of time, but product given plenty of time, but product development decisions must development decisions must usually be made quickly and usually be made quickly and without complete information. without complete information.

5.5. EconomicsEconomics Developing, producing and Developing, producing and

marketing a new product requires a marketing a new product requires a large investment.large investment.

To earn reasonable return on this To earn reasonable return on this investment, the resulting product investment, the resulting product must be both appealing to customers must be both appealing to customers and relatively inexpensive to and relatively inexpensive to produce.produce.

6.6. CreationCreation The product development process The product development process

begins with an idea and ends with begins with an idea and ends with the production of a physical artifact.the production of a physical artifact.

When viewed both in its entirety and When viewed both in its entirety and at the level of individual activities, at the level of individual activities, the product development process is the product development process is intensely creative.intensely creative.

7.7. Satisfaction of societal and Satisfaction of societal and individual needsindividual needs

All products are aimed at satisfying All products are aimed at satisfying needs of some kinds.needs of some kinds.

Individuals interested in developing Individuals interested in developing new products can almost always find new products can almost always find institutional settings in which they institutional settings in which they can develop products satisfying what can develop products satisfying what they consider to be important needs.they consider to be important needs.

8.8. Team diversity Team diversity

Successful development requires Successful development requires many different skills and talents.many different skills and talents.

As a result, development teams As a result, development teams involve people with a wide range of involve people with a wide range of different training, experience, different training, experience, perspectives, and personalities.perspectives, and personalities.

9.9. Team spiritTeam spirit Product development teams are often Product development teams are often

highly motivated, cooperative groups.highly motivated, cooperative groups. The team members may be co located The team members may be co located

so they can focus their collective energy so they can focus their collective energy on creating the product.on creating the product.

This situation can results in lasting This situation can results in lasting camaraderie among team members.camaraderie among team members.

Products that make companies successful

Thank you!Thank you!