The existing strategies for New Product Development focus on the following aspects:
1- Low product cost: Entire spectrum of activities in the product development concentrate on bringing the product cost down, and include value engineering, alternative materials, supply chain initiatives etc.
2- Low Development cost: Focusing on innovating at low cost, by resorting to temp manpower, out sourcing development, platform technology, planned product upgrades built into initial design, etc.
3- Time to market: This focus is more for the realms where the first to introduce a product wins the giants share. Efforts to speed up development include Concurrent engineering, use of concurrent technologies, placing several teams into the project, and cross functional involvement in temporary teams.
4- Product performance: Use of a combination of low and high end solutions in the products components is allowed to come out with a balanced cost-performance feature wise. Yet higher performance can be achieved with lower module costs, and is encouraged.
5- Quality, Reliability, Robustness: this is the method of choice for the premium segments of products, and those with high risks associated with failure (aerospace, medical etc.) Here no stone is left unturned and budget is second priority in the quest for the perfect performance as detailed in the product brief.
6- Service Oriented : In this approach, products that need frequent service at authorized stations or by user have a greater emphasis on features that make the service, disassembly and assembly easier and faster, as most of the business is expected from these offered services. Examples are leased equipment with full maintenance contracts, like office automation equipment, specialized machinery, leased equipment etc.