From the course: Supply Chain Foundations: Managing the Process
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Develop new products
From the course: Supply Chain Foundations: Managing the Process
Develop new products
- The key to innovation is to turn an idea into a new product that your customer will want to buy. Good ideas become good products and services. Regardless of what industry you work in, the new product development process follows a pretty standard path from the time and ideas generated to the day the new product is launched into the marketplace. You develop a concept, turn it into a product and processes, and test it out before releasing it. I've included a diagram of this process in your exercise files. The faster to market, the better, and today, more than ever, your suppliers and your customers must be a part of this process. By including your customer, you're more assured of bringing the right product to market. With very technical and sophisticated products where the development cycle is longer, customer requirements sometimes change before the new product is completed with key customers on your development team,…
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