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Under a team-based new product development approach, company departments work closely together in cross-functional groups, overlapping the steps in the product development process to save time and increase effectiveness.
What is team-based new product development?
Team-based new-product development is a method for creating new products in which departments from the same organization collaborate closely in cross-functional teams, spanning the stages of the product development process to reduce time and boost efficiency.
The steps in the product development process are overlapped to reduce time and boost performance when using a team-based new product development method between company departments. Because departments collaborate closely in cross-functional teams, the team-based approach to new product development speeds up the process and boosts effectiveness.
- In order to overlap the processes in the product development process and reduce time spent on each step while increasing effectiveness, team-based new product development comprises several company departments working closely together.
- Developing a new product from scratch is known as new product development (NPD).
- Despite industry-specific variations, it can be roughly divided into seven stages: ideation, research, planning, prototype, sourcing, costing, and commercialization.
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