Product development : an engineer's guide to business considerations, real-world product testing, and launch / David V. Tennant.

By: Tennant, David V [author.]
Contributor(s): Ohio Library and Information Network
Language: English Publisher: Hoboken, NJ : John Wiley & Sons, Inc., 2022Copyright date: �2022Description: 1 online resource (ix, 222 pages) : illustrations (some color)Content type: text Media type: computer Carrier type: online resourceISBN: 9781119780205; 1119780209; 1119780179; 9781119780182; 1119780187; 9781119780175Subject(s): New products | Product management | Product designGenre/Form: Electronic books.DDC classification: 658.5/75 LOC classification: TS170 | .T46 2022Online resources: Full text is available at Wiley Online Library Click here to view.
Contents:
Table of Contents Acknowledgments viii About the Author ix 1 Introduction to Product Development 1 Project Management and Product Development 2 What Is Product Development? 3 How This Book Is Organized 3 2 The Role of Marketing in Product Development 7 Corporate Strategy – Strategic Planning 7 Marketing, Sales, and the Four Ps 10 The 1st P – Product 11 Example of Product Displacement 13 The 2nd P – Promotion 15 The 3rd P – Pricing 16 The 4th P – Placement 17 The Business Case 18 The Roles of Marketing and Engineering in Product Development 19 Marketing Services 21 New Product Development and Market Economics: The Future of Electric Trucks vs Costs and Public Policy 21 3 The Role of the Engineering Group in Product Development 35 Driving Products – the Engineering Perspective 35 Engineering Disciplines 37 The Engineering Process 39 Ergonomics (Human Factors Engineering) 45 Additional Design Considerations – Product Liability 48 Government Oversight – Consumer Protection in the United States 50 Discussion Case 3.1 – Lawsuit over Hot Coffee 52 Design Challenges – Product Misuse 53 Problems with Product Development 55 4 The Core Team and Teamwork in Product Development 61 The Executive’s Role in Product Development 61 Working Within the Strategic Plan 61 Project Management Processes 62 Who Should Be Involved in Product Development? 63 Constraint on Product Development: A Note about Sarbanes-Oxley and Publicly Held Companies 66 Essentials of Teamwork and Communications across Functional Lines 67 Project/Product Communication 68 Budgets, Schedules, and Miscellaneous Small Tasks 70 Leadership in Product Development 73 How Do Leaders Go Wrong? 76 The Roles of Accounting and Finance 77 Decision Points and Net Present Value (NPV) 81 The Bigger Picture 84 Driving Product Development 85 Working in Silos and with Stakeholders 86 Identifying Stakeholders 87 5 Getting Started – Project Approved: Product/Project Management and Engineering 95 Taking the Business Case from Concept to Reality 95 Basic Research 96 Applied Research 97 Project Management in Product Development 98 Why Do Projects Fail? 99 Traditional and Agile Project Management 101 Sample Project Plan – Detailed Table of Contents 103 A True Case Study - Company Dysfunction and a Lack of Project Management 105 Developing and Controlling Scope – Using a Work Breakdown Structure (WBS) 107 Developing a Budget and Cash Flows 108 Agile PM 112 The Vision Statement 113 Agile Hybrid in Action – Marketing Natural Gas in the Southeastern United States: Gas South, A True Story 115 Discussion Case 5.1 – A True Story: Product Development Without Project Management 117 6 Product Development for Small Firms and Entrepreneurs 125 Funding for Your Start-Up: A Necessary Ingredient 125 Loans from the Bank and Small Business Administration (SBA) 126 Funding from Venture Capitalists 127 Funding by Issuing Shares of Stock 128 Funding with Angel Investors 128 Other Sources of Business and Financial Assistance 129 Summary on Product Development and Sources of Funding 130 Small Firm Challenges 131 Lack of Structured Planning 132 Marketing Message Not Strong or Clear 133 Legal and Regulatory Obstacles 133 Use of a Product Roadmap 134 Innovation 135 When (Or If) to Patent 137 7 Manufacturing the New Product 147 The State of Manufacturing 150 New Manufacturing Advances 156 8 Engineering Product Design and Testing 163 Managing the Approved Scope and Budget – Why Is This Important? 163 The Project Lifecycle 164 A True Story: Ignoring the Warning Signs 166 Preventing Failure and Surprises: Performing a Risk Review 167 Two Types of Risk Review: Qualitative and Quantitative 168 Design and Status Reviews 171 Modeling – Speeding Product Development 173 Integrating Supply Chain and Manufacturing 174 The Role of Supply Chain in Product Development 176 Proposals, Pricing, Statements of Work (SOWs) 180 New Technologies – Identification and Adaptation 182 Alignment with Business Strategy 185 Using SWOT 186 Gates and Stakeholders 187 9 Successful Product Launch and Post Review 193 Pricing 194 Integrated Marketing 196 Product Development – Post Review 198 10 Summary – Connecting the Dots 205 A Logical Process Flow 206 Index 213
Summary: "My formal academic training began as a student of mechanical engineering. Simultaneously, I worked part time as a designer to pay for my education. In this case, my work allowed me to see how products were developed to the lower level where I was doing the technical drawing. And my engineering education helped me learn the limits of materials, think about product technical features, and how to apply mathematical formulas to solve technical problems. However, nowhere did I learn about how products are really developed. What drives a company to success? How do companies know which products will be accepted in the marketplace? What is a marketplace or a market segment? As a result, my education and early work experience taught me a lot about applying engineering principals, but I had no knowledge of marketing, sales, business finance, C-level executive support, or how R&D (research and development) and the other areas are supposed to all work together. I simply (and naively) believed that new products were developed and launched by the engineering department. The product that had the better design would always be preferred by consumers. Since those days in college, and my early career in engineering, I have come a long way to understanding that product development is a multi-faceted effort involving many diverse groups and talents. It is so much more than R&D or engineering."-- Provided by publisher.
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Includes bibliographical references and index.

Table of Contents

Acknowledgments viii

About the Author ix

1 Introduction to Product Development 1

Project Management and Product Development 2

What Is Product Development? 3

How This Book Is Organized 3

2 The Role of Marketing in Product Development 7

Corporate Strategy – Strategic Planning 7

Marketing, Sales, and the Four Ps 10

The 1st P – Product 11

Example of Product Displacement 13

The 2nd P – Promotion 15

The 3rd P – Pricing 16

The 4th P – Placement 17

The Business Case 18

The Roles of Marketing and Engineering in Product Development 19

Marketing Services 21

New Product Development and Market Economics: The Future of Electric Trucks vs Costs and Public Policy 21

3 The Role of the Engineering Group in Product Development 35

Driving Products – the Engineering Perspective 35

Engineering Disciplines 37

The Engineering Process 39

Ergonomics (Human Factors Engineering) 45

Additional Design Considerations – Product Liability 48

Government Oversight – Consumer Protection in the United States 50

Discussion Case 3.1 – Lawsuit over Hot Coffee 52

Design Challenges – Product Misuse 53

Problems with Product Development 55

4 The Core Team and Teamwork in Product Development 61

The Executive’s Role in Product Development 61

Working Within the Strategic Plan 61

Project Management Processes 62

Who Should Be Involved in Product Development? 63

Constraint on Product Development: A Note about Sarbanes-Oxley and Publicly Held Companies 66

Essentials of Teamwork and Communications across Functional Lines 67

Project/Product Communication 68

Budgets, Schedules, and Miscellaneous Small Tasks 70

Leadership in Product Development 73

How Do Leaders Go Wrong? 76

The Roles of Accounting and Finance 77

Decision Points and Net Present Value (NPV) 81

The Bigger Picture 84

Driving Product Development 85

Working in Silos and with Stakeholders 86

Identifying Stakeholders 87

5 Getting Started – Project Approved: Product/Project Management and Engineering 95

Taking the Business Case from Concept to Reality 95

Basic Research 96

Applied Research 97

Project Management in Product Development 98

Why Do Projects Fail? 99

Traditional and Agile Project Management 101

Sample Project Plan – Detailed Table of Contents 103

A True Case Study - Company Dysfunction and a Lack of Project Management 105

Developing and Controlling Scope – Using a Work Breakdown Structure (WBS) 107

Developing a Budget and Cash Flows 108

Agile PM 112

The Vision Statement 113

Agile Hybrid in Action – Marketing Natural Gas in the Southeastern United States: Gas South, A True Story 115

Discussion Case 5.1 – A True Story: Product Development Without Project Management 117

6 Product Development for Small Firms and Entrepreneurs 125

Funding for Your Start-Up: A Necessary Ingredient 125

Loans from the Bank and Small Business Administration (SBA) 126

Funding from Venture Capitalists 127

Funding by Issuing Shares of Stock 128

Funding with Angel Investors 128

Other Sources of Business and Financial Assistance 129

Summary on Product Development and Sources of Funding 130

Small Firm Challenges 131

Lack of Structured Planning 132

Marketing Message Not Strong or Clear 133

Legal and Regulatory Obstacles 133

Use of a Product Roadmap 134

Innovation 135

When (Or If) to Patent 137

7 Manufacturing the New Product 147

The State of Manufacturing 150

New Manufacturing Advances 156

8 Engineering Product Design and Testing 163

Managing the Approved Scope and Budget – Why Is This Important? 163

The Project Lifecycle 164

A True Story: Ignoring the Warning Signs 166

Preventing Failure and Surprises: Performing a Risk Review 167

Two Types of Risk Review: Qualitative and Quantitative 168

Design and Status Reviews 171

Modeling – Speeding Product Development 173

Integrating Supply Chain and Manufacturing 174

The Role of Supply Chain in Product Development 176

Proposals, Pricing, Statements of Work (SOWs) 180

New Technologies – Identification and Adaptation 182

Alignment with Business Strategy 185

Using SWOT 186

Gates and Stakeholders 187

9 Successful Product Launch and Post Review 193

Pricing 194

Integrated Marketing 196

Product Development – Post Review 198

10 Summary – Connecting the Dots 205

A Logical Process Flow 206

Index 213

Available to OhioLINK libraries.

"My formal academic training began as a student of mechanical engineering. Simultaneously, I worked part time as a designer to pay for my education. In this case, my work allowed me to see how products were developed to the lower level where I was doing the technical drawing. And my engineering education helped me learn the limits of materials, think about product technical features, and how to apply mathematical formulas to solve technical problems. However, nowhere did I learn about how products are really developed. What drives a company to success? How do companies know which products will be accepted in the marketplace? What is a marketplace or a market segment? As a result, my education and early work experience taught me a lot about applying engineering principals, but I had no knowledge of marketing, sales, business finance, C-level executive support, or how R&D (research and development) and the other areas are supposed to all work together. I simply (and naively) believed that new products were developed and launched by the engineering department. The product that had the better design would always be preferred by consumers. Since those days in college, and my early career in engineering, I have come a long way to understanding that product development is a multi-faceted effort involving many diverse groups and talents. It is so much more than R&D or engineering."-- Provided by publisher.

About the Author

David V. Tennent, MBA, PMP, PE (Kennesaw, GA) is the founder of Windward Consulting Group, a firm that provides strategic planning, project rescues, and training to international companies in the power, electric, and manufacturing sectors. He has provided training and development leadership to partners including Cox Communication, the University of Georgia, Emory, and ASME. David holds engineering degrees from Florida Atlantic University and Georgia Institute of Technology, holds an Executive MBA from Kennesaw State University, and is Chair Emeritus of the Atlanta chapter of PMI.

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