After studying this chapter, you should be able to:

4.1: Explain why new product development is vital for organizations.

4.2: Describe the approaches companies use to develop new products.

4.3: Demonstrate how new strategies have improved the way in which new products are designed and tested.

4.4: Discuss some new technologies that have allowed for faster new product development.

4.5: Describe the global product development process and how it can be used to gain a strategic advantage.

4.6: Describe how the collaboration of the members of a supply chain can improve product development.

4.7: Identify the unique challenges service organizations face when designing their products, including the tools and methods they use to do so.

4.8: Discuss some of the legal, ethical, and sustainability issues that affect firms developing new products and services.