Idea Generation/Innovation
The idea generation office works in cooperation with the R & D and is in charge of detecting market issues and finding ways to surmount the said problems.
Related: Innovation Analyst, Innovation and Design Manager, Product Innovation Manager, Innovation Strategist, Director/Manager of Business Innovation.
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- Customer Integration – We endeavor to improve the integration of built-in features in the concept development procedure to request, gather, and organize direct feedback and interactions with clients.
- Average Time from Idea Submission to Feedback – We endeavor to reduce the average time between the submission of a concept and the resulting feedback from management and product development authorities.
- Market Potential – We endeavor to increase the estimated market potential of merchandise or services by considering client population, competition, and average purchase price.
- Product Life-Cycle Cost – We endeavor to reduce the total cost of managing new products throughout their entire life cycle, from conceptualization to post-launch.
- Percentage of Concepts Selected – We endeavor to increase the percentage of merchandise or service ideas explored annually that are selected for further development.
- Formal Review of Concepts – We endeavor to improve the formal review process for concepts to verify their sustainability and prioritize their development.
- Idea Tracking – We endeavor to improve the tracking and organization of ideas by systematically using a directory to gather and regulate concepts.
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Research and Development
The R & D office is in charge of examining product requirements, restrictions, intellectual property opportunities and constraints, technical specifications, and other conditions relevant to developing a new concept or product.
Related: Market Research Analyst, Research Associate, Research Director & Developer
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- R&D Expense as a Percentage of Total Revenue – We endeavor to improve the allocation of research and development expenses as a percentage of total revenue to ensure efficient investment in innovation.
- Requirements Creep – We endeavor to reduce the percentage of requirements added to the product specification after the initial description, minimizing requirements creep.
- Cost of Failure – We endeavor to reduce the average cost associated with merchandise failures during the conceptualization or research and development phase.
- R&D Expense as a Percentage of Total Expense – We endeavor to improve the proportion of research and development expenses as a percentage of total firm expenditure to prioritize innovation while maintaining overall budget efficiency.
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Engineering and Design
The product design office works together with the R & D and the market research team to pinpoint the purpose of the product or service and to create a solution that meets market demand.
Related: Product Design Engineer, Development Engineer, Product Engineer, Product Development Engineer.
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- Number of Prototypes Developed – We endeavor to increase the number of prototypes developed during the product development life cycle to ensure thorough testing and refinement before market introduction.
- Time to Market – We endeavor to reduce the time from the idealization of new merchandise to the point it is ready for purchase by consumers, accelerating time to market.
- Number of Prototypes Accepted – We endeavor to increase the number of prototypes accepted during the product development life cycle for high-volume production, ensuring a higher success rate of developed concepts.
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Product Management
The product management office is responsible for supervising all areas of product development throughout the life span of the good or service.
Related: Product Manager, Director of Product Management, Product Support Manager.
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- Percentage of Revenue Generated by New Products – We endeavor to increase the percentage of total revenue generated by new products developed internally and introduced to the market within the past three years.
- Training of Marketing and Sales Team – We endeavor to improve the training of the sales and marketing team by ensuring the product management crew officially educates them on new product descriptions and details.
- Breakeven Time – We endeavor to reduce the breakeven time required to recover the full expenditure of developing a new product through revenue generated by sales.
- Product Life-Cycle Cost – TWe endeavor to reduce the total cost of new product management throughout its life cycle, including conceptualization, research & development, planning, engineering, testing, launch, and post-launch.
- Marketing Penetration – We endeavor to increase market penetration by growing the percentage of clients who purchase a particular brand or product segment within the total market population.
- Average Revenue per Customer – We endeavor to increase the average revenue generated per customer relationship for a specific product or service over a determined time period.
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Product Testing
The product testing office makes sure that the product being produced is in accordance with the defined internal or regulatory specifications
Related: Product Testing Analyst, Quality Assurance Engineer, Testing Specialist
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- Frequency of Formal Product Quality Audits – We endeavor to improve the frequency of formal product quality audits to ensure consistent assessments during the product development life cycle.
- Post-Launch Defect Tracking – We endeavor to improve post-launch defect tracking by ensuring the product testing team actively monitors and addresses errors reported by clients.
- Duration of Product Testing Phase – We endeavor to reduce the duration of the product testing phase to streamline the development process while maintaining high-quality outcomes, with a feature-by-feature analysis categorized by business and product type.
- Product Testing Criteria Prioritization – We endeavor to improve the prioritization of product testing criteria by systematically ranking quality management, packaging, client observations, regulatory requirements, production efficiency, and market behavior.
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Product Packaging
The packaging office is responsible for the supervision of all areas of product packaging. The office works in cooperation with R & D to study, build, assess, and verify new packaging designs.
Related: Packaging Coordinator, Packaging Technician, Packaging Operator, Production Superintendent, Packaging Designer.
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- Cost of Packaging as a Percentage of Total Product Cost – We endeavor to reduce the cost of packaging as a percentage of total product cost by optimizing components and arrangements without compromising quality.
- Product Protection – We endeavor to improve product protection by reducing the percentage of goods spoiled during transportation or storage.
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Product Launch Review & Analysis
The product launch review and analysis team is responsible for assessing previous and future product launches.
Related: Product Launch Analyst, Product Analyst, Product Business Leader, Product Consultant.
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- Customer Acquisition Cost (CAC) – We endeavor to reduce the customer acquisition cost (CAC) by optimizing promotional efforts, market research, and client incentive programs.
- Net Promoter Score (NPS) – We endeavor to improve the net promoter score (NPS) to enhance client loyalty and increase the likelihood of customers recommending our products or services to others.
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Product Quality & Safety
The product quality office is in charge of inhibiting errors in the manufacturing process.
Related: Product Quality Analyst, Product Quality Engineer, Quality Assurance Analyst, Customer Product Quality Engineer.
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- Percentage of Defective Units Produced – We endeavor to reduce the percentage of defective units produced to minimize waste and improve overall production quality.
- First Pass Yield (FPY) – We endeavor to improve the first pass yield (FPY) by increasing the percentage of items that pass through the manufacturing process without requiring alterations or adjustments.
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Product Specialist Job Responsibilities
- Acquiring advanced technical knowledge and commercial aspects of business for assigned products.
- Conduct market research & collect competitors’ data.
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- Develop & conduct product/application training for inside sales, outside sales, technical team, customers, etc.
- Drive sales efficiency by ensuring appropriate product knowledge for each salesperson.
- Ensure efficient marketing communication to external customers (both current and prospects) and communicates the value proposition of the offer to the end customers.
- Ensure efficient marketing communication to sales teams.
- Ensures customer satisfaction by proactively addressing and answering customer queries.
- Maintaining a customer database, product SOP, product certifications, and other details related to the product.
- Offer product recommendations based on the application/technical specifications.
- Participate in trade shows, exhibitions and support event activities.
- Support the sales team by providing marketing material related to the product.
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The suite of product development Key Performance Indicators (KPIs) are designed to measure the optimal functioning and success of the organization’s ability to develop new products from conception to production. The product development department is a key part of any manufacturing concern, for, without products, the organization has no reason for existence. Therefore, the key performance areas that must be measured include the product ideation and innovation, prototype research and development, engineering and design, and end-to-end testing and quality control.
Real-time KPI tracking provides the Product Development Manager with statistics to identify negative short-term trends before they spiral out of control.
