4 The Core Team and Teamwork in Product Development
The Executive’s Role in Product Development
It has been the author’s experience that executives take their participation in product development or other projects very seriously. After all, they are financially accountable for the ultimate success (or failure) of the new venture, product, or project. But what exactly should their role be? At what point are they over controlling? Or, not engaged enough?
What exactly is an executive sponsor or project executive? In large organizations, an executive is typically understood to mean someone at the Director or Vice President level. It might also extend to the C-level executive, such as the CFO (Chief Financial Officer), the COO (Chief Operating Officer) or other C-level executive. In small and medium-sized companies, an executive might be someone at Senior Manager or General Manager level.
The fundamental point, however, is that senior management is held accountable for results, including new product development, launch, and profitability.
Working Within the Strategic Plan
As noted, every company has (or should have) a strategic plan. This can be a long-term roadmap to develop new products or services, a scenario to change the corporate culture, or a strategy to enter new markets or partnerships. The role of the executive in each of these scenarios is:
- Provide funding and support – In addition to funding, the correct resources, in the form of people, hardware, office space, software, ...
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