Product Development Essay

Submitted By Kellie-Wesser
Words: 1485
Pages: 6

Essay Questions
1. Reasons development process steps are helpful to innovation
Quality assurance – develop a good product
Coordination – master planning
Planning – milestones let us know the timeline
Management – benchmarks and getting to market
Improvement – documentation and review
2. Market share and why it’s important
Portion of market controlled by particular product or company
Companies must grow to stay even
There are forces that put pressure on profits, which is about gaining and maintaining market share
3. Summarize LEGO case study
1998-2004, LEGO lost money 4/7 years
Due to innovation and supply chain problems
Worked to eliminate inefficiency and align innovation capacity with the market
The number of suppliers had gradually crept up to 11,000 — nearly twice as many as Boeing uses to build its airplanes.
The drive to innovate, which was deeply embedded in Lego’s corporate culture, “had become an emotional concept and an excuse to oppose cost-saving initiatives.”
Getting the right product to the right place at the right time at the right cost was an important early step in grappling with an array of strategic challenges.
4. MBTI types
ESTJ, Accelerator, Realist (Implementer, Clarifier, Developer)
World, information, decisions, structure
Focus on outer world, basic information, logic and consistency, getting things decided
Tradition, order, honesty, dedication, dignity, clear advice, community organizer
5. Something cool
Similar to fitness bands that measure heart rate and physical activity, researchers are developing sensors that detect chemical markets of health or disease in sweat
Patches either use tiny needles to draw fluid from the upper skin layers or use small electrical charge to trigger skin to generate sweat, which is tested for biological chemicals

Multiple Choice
1. Define supply chain
The sequence of processes involved in the production and distribution of a commodity
2. Team structure and which type works best for which product

Functional Organization
Lightweight Project Organization (Matrix)
Heavyweight Project Organization (Matrix)
Project Organization
Strengths
Fosters development of deep specialization and expertise
Coordination and administration of projects is explicitly assigned to a single project manager. Maintains development of specialization and expertise
Provides integration and speed benefits of the project organization. Some of the specialization of a functional organization is retained.
Resources can be optimally allocated within the project team. Technical and market trade-offs can be evaluated quickly.
Weaknesses
Coordination across different functional groups can be slow and bureaucratic
Requires more managers and administrators than a non-matrix organization
Requires more managers and administrators than a non-matrix organization
Individuals may have difficulty maintaining cutting edge functional capabilities
Examples
Customized products, where development involves slight variations to a standard design (motors, bearings, packaging)
Derivative products in many automobile, electronics and aerospace companies
New technology or platform projects in automobile, electronics and aerospace companies
Start-up companies. Tiger teams and skunkworks intended to achieve breakthroughs. Firms competing in highly dynamic markets
Major Issues
How to integrate different functions (marketing and design) to achieve business goals
How to balance functions and projects. How to simultaneously evaluate project and functional performance
How to maintain functional expertise over time. How to share learning from one project to another

3. Timetables for product development
Very few products can be developed in less than 1 year, many require 3-5 years and some take as long as 10 years.
(1) Identifying customer needs/wants
(2) Establishing target specs. (precise description)
(3) Generating concepts (multiple)
(4) Selecting concept (1)
(5) Testing concept
(6) Setting final specifications
(7) Planning…