Business, Legal & Accounting Glossary
NPDP stands for new product development process.
The design of any product or service is critical to its success. At the design stage, the quality, features, function, cost, producibility, serviceability, maintainability and more are established.
The NPDP is the foundation for the company’s products and ultimately its direction and future.
Ideas for new products can come from various sources. Some are:
Other idea generators include:
In a competitive marketplace, a design must be an ongoing process, endeavouring to make use of first-mover advantages. During the initial period of exclusivity (when the firm has the first-mover advantage) it can charge more than when other companies have comparable products. Then, even when other firms have competing products, the cost to produce them by the incumbent firm is proportionately lower.
In manufacturing, group technology combines product components into families. For example, all screws, all brackets, all wires, all bushings, all connectors, would each have their own group.
These products are designed as a group instead of individually. They are also manufactured in cells. Any similarities are useful in making the design and manufacturing processes more efficient.
Group technology aids in getting the product to market faster, part (component) standardization, limited developmental and tooling costs, and more.
Questions to ask during process design
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This glossary post was last updated: 29th March, 2020 | 0 Views.