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This chapter is from the book

Key Points

  1. The technical development of new products must enable the success of the business.
  2. Developing new products is not just a challenge for engineering. Many functions of your enterprise must be involved deliberately in value-adding ways that are appropriate.
  3. Ongoing research of markets and technical concepts must identify advantageous business opportunities and evaluate competitive threats.
  4. Product development must implement superior design concepts that can be manufactured and serviced economically, with constant attention to risks.
  5. Excellence in teamwork has to be achieved across organizations, between teams and management, extending along the entire value chain to suppliers and customers.
  6. The processes and practices that are inherent in the way that work is done must deliver effective results in an efficient manner consistently from one project to the next.
  7. With the investment in product development being an investment in developing a new or extended business, better methodologies, with excellence in their execution, can deliver substantial competitive advantages in the market and much-improved returns to the company.
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