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Product Development

In most organizations, approximately 80 percent of the cost of a product is committed during the development stage of a product’s life-cycle. Company revenue and growth is highly dependent on product innovation. Equally important is attaining cost targets and hitting product launch dates to take advantage of market opportunities. Without effective innovation and product development, product parity will exist. Product parity erodes the brand and pricing which adversely affects the top-line and bottom-line of your company. 

The pace and quantity of new product introductions are creating new challenges companies of all sizes, across multiple industries. Typical issues that exist in the product development process include:

  • Identifying and incorporating ideas that have high market potential
  • Determining and prioritizing both accurate and complete customer requirements
  • Pulling together functional areas and getting them to work together
  • Making intelligent trade offs between cost, quality and functionality
  • Inability to leverage and reuse previous designs and knowledge
  • Managing changes and revisions
  • Selecting suppliers and developing productive supply relationships
  • Scaling manufacturing, distribution and suppliers to provide continuous flow of material
  • Inability to track and manage program investments and meeting target costs
  • Mapping designs and tests to customer requirements
  • Ensuring excellent stage gate management activities
  • Meeting product launch schedules

Specific business processes and functions that we cover in our scope of services include:

  • Project management
  • Resource planning
  • Scheduling
  • Budgeting
  • Reporting and control
  • Stage gate control
  • Need identification
  • Defining, analyzing and prioritizing customer requirements
  • Ideation and Concept development
  • Conceptual design
  • Functional analysis
  • Specification development
  • Value analysis
  • Target costing
  • Process development
  • Make vs. buy analysis
  • Product Design and Development
  • Detail design
  • Design review
  • Design approval
  • Process development
  • Supplier selection and negotiation
  • Logistics and supply chain design
  • Prototype and Testing
  • Product test and certification
  • Process test and certification
  • Supplier selection and certification
  • Product Launch and Scale to Demand
  • Capacity planning and management
  • Material planning and management
  • Hiring and training
  • Information systems
  • Plant, tooling and infrastructure design and implementation

Nexus Marketing’s deeply skilled product development professionals are able to review and develop capabilities to design and launch products to maximize revenue and minimize cost. Specific business drivers that we impact include: revenue, target product costs, launch schedules, product quality, process capability, supplier capability, and market sales and service.

We invite you to learn how Nexus Marketing can design and/or execute a high-performance product development program for your organization. Continuous product and process innovation is the key to your organization’s top-line and bottom-line growth. Please click on the contact button below; complete and submit the contact form and a Nexus Marketing professional will get in touch with you promptly.

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