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Prototyping: a key to managing product development.

D Droz1

  • 1Carnegie Mellon University.

The Journal of Business Strategy
|April 8, 1992
PubMed
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Companies can shorten product development cycles and mitigate risks by using early-stage models. This approach acts as a product dress rehearsal, improving efficiency and reducing time-to-market.

Area of Science:

  • Product Development
  • Innovation Management
  • Business Strategy

Background:

  • Extended product development cycles pose significant business risks.
  • These risks include loss of sales, reduced profit margins, decreased market share, and damage to brand credibility.
  • Companies need strategies to accelerate innovation and product launches.

Purpose of the Study:

  • To propose a method for reducing product development timelines.
  • To mitigate the risks associated with lengthy development cycles.
  • To enhance a company's ability to innovate and maintain market competitiveness.

Main Methods:

  • The study suggests the strategic construction of early-stage models.
  • These models serve as a "dress rehearsal" for new products.

Related Experiment Videos

  • Implementation focuses on simulating key aspects of the product lifecycle early on.

    • Main Results:

    • Early-stage modeling can significantly shorten product development time.
    • This approach acts as a proactive risk management tool.
    • Companies can achieve faster product launches and maintain a competitive edge.

    Conclusions:

    • Adopting early-stage modeling is a viable strategy for accelerating product development.
    • This method helps companies overcome the challenges of extended development cycles.
    • It enhances innovation capacity and safeguards market position.