2. Managing Product Development Prepared by: Ayesha Sarfraz(group leader) Madiha ashiq Aneeka akram Tanzila khawar

3. The product development shows the important activities require to find, develop and introduce new products. Successful new product development has three basic concepts The product development shows the important activities require to find, develop and introduce new products. Successful new product development has three basic concepts Customer centered new- product development Team based Systematic efforts

4. Customer centered product development begins with thorough understanding of costumer need and value. It involves ways of finding solutions of customer problem and satisfying them. What is Customer centered? Business strategy that includes  Developing product quality appreciated by customer  Responding promptly to complaints  Respectfully handle the queries of customers. Customer centered product development begins with thorough understanding of costumer need and value. It involves ways of finding solutions of customer problem and satisfying them. What is Customer centered? Business strategy that includes  Developing product quality appreciated by customer  Responding promptly to complaints  Respectfully handle the queries of customers.

5. quickly analyzing providing collaboratively Example: P&G Co.

7. Team based management requires that all employees participate in decision making. Team based organization is more efficient and effective because employees feel that they are the part of whole organization. What is team based organization? An approach of developing new product in which departments of company work together, overlapping the steps in products development process to save time and to increase effectiveness Team based management requires that all employees participate in decision making. Team based organization is more efficient and effective because employees feel that they are the part of whole organization. What is team based organization? An approach of developing new product in which departments of company work together, overlapping the steps in products development process to save time and to increase effectiveness

8.  Structure of team based organization Progress by achieving common goals Facilitate communication Less hierarchical & flexible Participation in decision making & team work Labour must work cooperatetively

9.  Objectives of team based management  Team based management across all types of industries in many nations. Globalization require team work over the world to produce goods and services.  Objectives of team based management  Team based management across all types of industries in many nations. Globalization require team work over the world to produce goods and services. Basic objectives solving production & market problems Manufactures must work as a team with suppliers

10.  Advantage The right of decision making is given to all employees of organization. Whereas traditional structured organizations rely on top management for decision making. Therefore team based organizations run more effectively and efficiently.  Advantage The right of decision making is given to all employees of organization. Whereas traditional structured organizations rely on top management for decision making. Therefore team based organizations run more effectively and efficiently.  Disadvantage team based organization give preference to team work over individual performance. This lacks of focus on individual work can be a disadvantage of team based organization. Team based organizations are decentralized rather than hierarchical.  Disadvantage team based organization give preference to team work over individual performance. This lacks of focus on individual work can be a disadvantage of team based organization. Team based organizations are decentralized rather than hierarchical. Example: procter and gamble

12. New product development process should be holistic and systematic rather than compartmentalized. Otherwise only few ideas are used and many good ideas will die. Innovation system is used to collect, review, evaluate and manage new product ideas. for this purpose company can  Set web based management software's to encourage company’s stakeholder to be involved in finding and developing new products  Can assign cross functional innovation management committee to evaluate proposed ideas New product development process should be holistic and systematic rather than compartmentalized. Otherwise only few ideas are used and many good ideas will die. Innovation system is used to collect, review, evaluate and manage new product ideas. for this purpose company can  Set web based management software's to encourage company’s stakeholder to be involved in finding and developing new products  Can assign cross functional innovation management committee to evaluate proposed ideas

13.  Recognition reward program  Innovation management can generate two favorable outcomes o Innovation oriented company culture o Large number of new product ideas More than systematic product development requires a whole company commitment. Importance of systematic new product development The importance of systematic new product development cannot be under-estimated. It is a logical process through which original ideas translate into sales and profits.  Recognition reward program  Innovation management can generate two favorable outcomes o Innovation oriented company culture o Large number of new product ideas More than systematic product development requires a whole company commitment. Importance of systematic new product development The importance of systematic new product development cannot be under-estimated. It is a logical process through which original ideas translate into sales and profits. Example: Google

15. Managing new product development is important for success because it includes all activities necessary to find, develop and introduce product. Customer centered involves finding ways to solve customer problems and team based management encourage employees to work together in a team whereas systematic new product development provides systematic arrangement to reach final goals of the organization. Reference: book of Philip Kotler and Gray Armstrong Thankyou! Managing new product development is important for success because it includes all activities necessary to find, develop and introduce product. Customer centered involves finding ways to solve customer problems and team based management encourage employees to work together in a team whereas systematic new product development provides systematic arrangement to reach final goals of the organization. Reference: book of Philip Kotler and Gray Armstrong Thankyou!