An act of imagining, guided by both foresight and informed discernment, reveals the possibilities and practical limits in new product development. It depicts the most desirable future state of a product or organisation. In the context of product development, vision entails developing a clear and compelling picture of what the product will be and where it will fit into users' lives. This picture must be grounded in understanding user needs and technological feasibility. Creating a shared vision is essential to ensuring that all development team members are aligned on the same goal. Without a strong vision, making decisions about trade-offs and priorities during the development process can be challenging. A clear picture is necessary to successfully bring a new product to market.
NPD Jargon Buster: Corporate Strategy
A corporate strategy is a vital tool for ensuring that a company's product development efforts are aligned with its overall business goals.Read on