Discuss the three different approaches to new product development
What will be an ideal response?
a. The Classic Linear Approach – This process is described as linear because the firm using it goes through a series of processes that occur one after another; that is, after one set is complete, the next in sequence occurs.
b. The Rugby Approach – This product development process results from the constant interaction of a multidisciplinary team whose members work together from the beginning of the project to the product's introduction.
c. The Target Costing Approach – Before a company launches a new product, the ideal selling price must be determined, the feasibility of meeting that price assessed, and costs controlled in order to produce the product that can be sold at the target price.
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