The market place today no longer provides the luxury of trial and error, especially as far as manufacturing sector is concerned. There is a strong need to get it right the first time for any product development. Consequently, there is a need to invest in the virtual phase of product development, wherein you can carry out the simulations related to manufacturing process and optimize the design and production planning. This leads to a tremendous reduction in the capital requirements for new product development and also costs the time-to-market.
The customer today is extremely demanding. What used to be custom-fitted by few of the customers is now factory-fitted for a whole line. Accessories that were luxury additions are de rigueur now.
The seven steps to successful entrance to the market are discusses as under:
First step is of generating new innovative ideas.
Second step is analyzing and screening ideas for best one suitable for particular company.
Third step is developing concept for the selected idea.
Fourth step is of business Analysis.
Next step is testing the product. In this fifth step product is tested on feasibility and reliability levels.
Technical implementation is the next step. Implementing any product on technical grounds is the most time consuming and difficult step , because most of the time people are having very good ideas but they are not able to fulfill the technical requirements for that particular product ,thatâ€™s why this sixth step is again an important part.
Last and important for all businesses is the commercialization. Now when you ready with all the material that is tested on technical and other basis, the last step the seventh one, is the final step towards reaping your idea on financial terms.
Finally I would recommend following important steps:
Pick the right starting point. Product Line Management solutions encompass design tools, analysis solutions, product development enablers, portfolio management solutions and other valuable capabilities.
We should always seek solutions that fit their industry, through specialized solutions or industry templates.
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