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Formula for creating winning products May 25, 2008

Posted by Coolguy in Design for Six Sigma.
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According to a old (1993) study, new products account for 40% of sales and 46% of profits. For every 7 to 11  new product ideas, only 1 becomes a successful product according to a study.

Here are some of the factors for creating winning products.

  • Unique, superior product. Product should have value for customer
  • Strong market orientation. Understanding for customers needs and wants.
  • Predevelopment work. Up front activities like market analysis, technical assessment are vital before development starts.
  • Good product definition. Product and project should be completely defined before development begi
  • Quality of execution through out the development process.
  • Team effort including research & development, marketing, sales and operations.
  • Proper project selection to provide adequate resources for good projects. Poor projects must be killed.
  • Good product launch ensures success.
  • Top management leadership plays a vital role in product development process. They must provide strategy, resources and leadership.
  • Speed to market.
  • Strong, established new product process to screen new products
  • Attractive market makes it easier to have a successful project
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