Product development is a major challenge that directly impacts the long-range success of a firm. Effectively managing the process requires an integrated effort involving all the functional areas of the firm. Many companies today outsource product design to companies that specialize in different industries. The use of contract manufacturers has changed the way many companies now operate. An issue is often deciding what a firm’s core competency should be to yield a long-term competitive advantage to the company. Product development is a multi-step process that is unique to each organization. Typical steps in the process are planning, concepts development, system-level design, design detail, testing and refinement, and production ramp-up.
Describe and discuss one (1) of the following;
A Firms core-competency
A multi-step product development process that is unique to an organization of your selection
One (1) of the steps in a product development process