33:620:301 Study Guide - Final Guide: Southwest Airlines, Railways Act 1921, Project Management

• School: Rutgers University
• Department: Management and Global Business
• Course: 33:620:301
• Professor: Denis Hamilton

Document Summary

For new product development to be successful, it must simultaneously achieve three sometimes-conflicting goals: Numerous new products have offered technologically advanced features compared to existing products but have failed to match customer requirements and were subsequently rejected by the market. Must offer compelling features, greater quality, more attractive pricing than competing products. Even products that achieve a very close fit with customer requirements can fail if they take too long to bring to market. Development cycle time-the time elapsed from project initiation to product launch, usually measured in months or years. Another consideration regarding development cycle time relates to the cost of development and the decreasing length of product life cycles. Compressing development cycle time can result in overburdening the development team, leading to problems being overlooked in the product design or manufacturing process. Development efforts must be not only effective, but also efficient.