The process of translating customer needs into successful commercialized products and services has been the subject of many books, articles and papers [1, 2, 3, 4, 5, 6]. This process has many facets and nuances depending on the type of product or service being developed. Factors impacting this translation include the target audience, cost, timing and return on investment. While some of these factors may be more important than others for any given project, there are six core elements that are present in every successful new product commercialization venture:
People and Process:
Skilled Project Management
In this paper we will define and describe these core elements and some of the important building blocks, tools and tactics. We will illustrate with real-world examples how these elements are used and measured. Finally, we will show how these elements impact customer satisfaction and business results.