PD Body of KnowledgeA tool created by Strategy 2 Market to facilitate the execution and implementation of the new product development process. It includes detailed explanations of each stage of the process including important activities and responsibilities associated with every step within the NPD process",,,,BOK"
Phase Gate Lite PhaseAn alternative phase-gate stage developed to review low risks projects including: Product Revision and Cost Improvement product types.
Phase Gate New Product Development ProcessThis is a new product development process in which a set of activities and required deliverables are defined for sequential stages/phases. Phases are separated by decision points, or Gates, in which deliverables from the prior phase are evaluated and a decision is made on whether to advance to(...)
PhasesSeparate periods of time where specific tasks are undertaken by the project team and key deliverables are developed to present during the gate meetings.
PlatformA collection of the common elements, especially the underlying defining technology, implemented across a range of products. In general, a platform is the lowest common denominator of relevant technology in a set of products or a product line.
Portfolio ManagementPortfolio Management is a decision-making process where a business’ list of current and proposed new product development projects is continually reviewed and revised. The review usually covers criteria such as strategic alignment, risk, reward and resource availability.
Portfolio Management TeamsThe number of portfolio management teams within an organization can vary based on the size. In mid-to-large size companies, two portfolio management teams are common. The first team consists of a “core multi-functional portfolio team” that meets monthly. This team is responsible for scoring(...)
PrescreenThis occurs usually prior to the Discovery Stage/Phase. It is a very gentle screen to determine whether an internal or external idea deserves additional resources prior to moving to the Discovery Stage/Phase.
PretotypeAn extremely simplified, mocked, or virtual version of a product to test the initial appeal and actual usage of a potential new product by simulating its core experience with the smallest possible investment of time and money.
Product Division StructureAn organizational structure in which centralized support functions service the needs of a number of different product lines. Typically used by organizations whose products are broadly similar and aimed at the same market, such as a food company that produces frozen foods (e.g. pizza,(...)
Product Portfolio ManagementA product portfolio ideally contains projects that represent different product types and levels of risk. You want to balance and maximize the value of the portfolio during the portfolio management process. The portfolio process also provides an avenue to ensure appropriate resource allocation(...)
Product RepositioningProducts that are unchanged in quality or feature set that are marketed with a different set of benefits. An example includes repositioning aspirin as a safeguard during a heart attack as well as a temporary pain reliever.
Product StrategyDefines the future vision and goals for each category, product line and product, as well as a plan for reaching those goals. Generally a product strategy document will address the nature of the product(s), the target markets/segments, the technologies/platforms to be leveraged or developed,(...)
PrototypeAn early sample, model, or release of a product built to test a concept or process or to act as a thing to be replicated or learned from.
