David V. Tennant - Product Development

David V. Tennant

Windward Consulting Group, Virginia, USA

This edition first published 2022 © 2022 by John Wiley & Sons, Inc.

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Hardback ISBN: 9781119780137; ePDF ISBN: 9781119780175; ePub ISBN: 9781119780182; oBook ISBN: 9781119780205

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Set in 9.5/12.5pt STIXTwo Text by Integra Software Services Pvt. Ltd, Pondicherry, India

1 Cover

2 Title page Product Development An Engineer’s Guide to Business Considerations, Real-World Product Testing, and Launch David V. Tennant Windward Consulting Group, Virginia, USA

3 Copyright

4 Acknowledgments

5 About the Author

6 1 Introduction to Product DevelopmentProject Management and Product DevelopmentWhat Is Product Development?How This Book Is Organized

7 2 The Role of Marketing in Product DevelopmentCorporate Strategy – Strategic PlanningMarketing, Sales, and the Four PsThe 1st P – ProductExample of Product DisplacementThe 2nd P – PromotionThe 3rd P – PricingThe 4th P – PlacementThe Business CaseThe Roles of Marketing and Engineering in Product DevelopmentMarketing ServicesNew Product Development and Market Economics: The Future of Electric Trucks vs Costs and Public Policy

8 3 The Role of the Engineering Group in Product DevelopmentDriving Products – the Engineering PerspectiveEngineering DisciplinesThe Engineering ProcessErgonomics (Human Factors Engineering)Additional Design Considerations – Product LiabilityGovernment Oversight – Consumer Protection in the United StatesDiscussion Case 3.1 – Lawsuit over Hot CoffeeDesign Challenges – Product MisuseProblems with Product Development

9 4 The Core Team and Teamwork in Product DevelopmentThe Executive’s Role in Product DevelopmentWorking Within the Strategic PlanProject Management ProcessesWho Should Be Involved in Product Development?Constraint on Product Development: A Note about Sarbanes-Oxley and Publicly Held CompaniesEssentials of Teamwork and Communications across Functional LinesProject/Product CommunicationBudgets, Schedules, and Miscellaneous Small TasksLeadership in Product DevelopmentHow Do Leaders Go Wrong?The Roles of Accounting and FinanceDecision Points and Net Present Value (NPV)The Bigger PictureDriving Product DevelopmentWorking in Silos and with StakeholdersIdentifying Stakeholders

10 5 Getting Started – Project Approved: Product/Project Management and EngineeringTaking the Business Case from Concept to RealityBasic ResearchApplied ResearchProject Management in Product DevelopmentWhy Do Projects Fail?Traditional and Agile Project ManagementSample Project Plan – Detailed Table of ContentsA True Case Study - Company Dysfunction and a Lack of Project ManagementDeveloping and Controlling Scope – Using a Work Breakdown Structure (WBS)Developing a Budget and Cash FlowsAgile PMThe Vision StatementAgile Hybrid in Action – Marketing Natural Gas in the Southeastern United States: Gas South, A True StoryDiscussion Case 5.1 – A True Story: Product Development Without Project Management

11 6 Product Development for Small Firms and EntrepreneursFunding for Your Start-Up: A Necessary IngredientLoans from the Bank and Small Business Administration (SBA)Funding from Venture CapitalistsFunding by Issuing Shares of StockFunding with Angel InvestorsOther Sources of Business and Financial AssistanceSummary on Product Development and Sources of FundingSmall Firm ChallengesLack of Structured PlanningMarketing Message Not Strong or ClearLegal and Regulatory ObstaclesUse of a Product RoadmapInnovationWhen (Or If) to Patent

12 7 Manufacturing the New ProductThe State of ManufacturingNew Manufacturing Advances

13 8 Engineering Product Design and TestingManaging the Approved Scope and Budget – Why Is This Important?The Project LifecycleA True Story: Ignoring the Warning SignsPreventing Failure and Surprises: Performing a Risk ReviewTwo Types of Risk Review: Qualitative and QuantitativeDesign and Status ReviewsModeling – Speeding Product DevelopmentIntegrating Supply Chain and ManufacturingThe Role of Supply Chain in Product DevelopmentProposals, Pricing, Statements of Work (SOWs)New Technologies – Identification and AdaptationAlignment with Business StrategyUsing SWOTGates and Stakeholders

14 9 Successful Product Launch and Post ReviewPricingIntegrated MarketingProduct Development – Post Review

15 10 Summary – Connecting the DotsA Logical Process Flow

16 Index

17 End User License Agreement

1 Chapter 1Figure 1.1 Core Team – Product Development.Figure 1.2 Where Do Products Come From?

2 Chapter 2Figure 2.1 Where Do Ideas Come From? Figure by David TennantFigure 2.2 Product Lifecycle. Lumen Learning, viewed...Figure 2.3 Nokia Phone. Isaac Smith / UnsplashFigure 2.4 Apple iPhone. Michal Weidemann / Unsplash14Figure 2.5 Breakeven Point. Source: Corporate Finance...Figure 2.6 PD Process Flow. Credits: Diagram by David Tennant