New Product Development Plan Details
This plan should be written from the perspective of a project manager in the company giving an update on the development of the product to senior management
Write a report from the perspective of a project manager at the company you selected in Week 2 (see attached) reporting back to senior management. This report focuses on the new product development process for the product you chose in Week 2(see attached). You will be rewarded for including realistic, detailed and thoughtful details from your own independent research that are appropriate for the product and company you have chosen, for thoughtful application of the models we have studied, and for well-reasoned analysis appropriate for a project manager to give to senior management.
As part of your report, you must:
Categorize the type of new product you are looking at
Apply a Stage-Gate NPD model to your new product and describe what has been done / will be done and key decision points
Use at least one qualitative and one quantitative model to describe whether product development is worth pursuing
Describe the feasibility of the project using the 3 F’s
You can use the following outline as a template, but you are also welcome to use whatever structure you wish. Here is a suggested structure:
Introduction (1 page)
Briefly describe the product and its intended market; please be specific and quantitative (what is the market pull? What is the unmet need?) Who are the most significant competitors and what stage are their products at?
What category of product is it? What intellectual property does the company have to protect?
Describe the current status of development in the context of one of the product development processes we have studied this semester (e.g. the stage-gate model
New Product Development Plan (6 pages)
What does the prospective product life cycle for the new product look like? Include specific details.
Apply at least one qualitative model (e.g. SWOT) and one quantitative model (e.g. NPV) to describe whether the project is still a good selection, what opportunities exist and what risks there are – this is a great opportunity to show independent research by identifying realistic details of the factors involved
Provide a timeline for the new development process in the context of one of the Stage-Gate NPD models – highlight key dates (both historical as well as future) and describe upcoming decision points / gates along with potential dates / metrics for making those decisions. Describe any significant resources required.
What are critical success factors? What are the risks and assumptions in the current new product development plan? Describe in terms of technical risk and commercial risk. Why might the product fail?
Conclusions & Recommendations (1 page)
What are key decision points coming up? Does the new product fit with the existing portfolio? What are the key risks and opportunities for the company?
Using the 3F’s, is the product still worth developing?
What is the reward to the company for pursing development? (e.g. profitability, pay back period etc.)
How does the product tie into the company’s business strategy?
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