New Product Development Procurement Plan
This is a practical guide to building a procurement plan for a new product development project — what will be bought, how and from whom, adapted to the realities of taking a new product from concept to market.
What a Procurement Plan is
A procurement plan is what will be bought, how and from whom. For the full concept and how it works in general, see Procurement Management. On a new product development project it plays the same role, tuned to this kind of work.
Why it matters for a New Product Development project
New Product Development projects live or die on taking a new product from concept to market. A well-built procurement plan gives the team a shared, explicit reference for exactly that — reducing ambiguity, aligning stakeholders, and making problems visible early enough to act. Skipping it, or doing it generically, is how new product development projects drift into avoidable delay and cost.
What to include
- What to procure
- Contract types
- Selection criteria
- Timeline and SLAs
New Product Development-specific considerations
Tailor the procurement plan to the risks that most often derail new product development projects:
- Uncertain market fit
- Feature/scope creep
- Time-to-market pressure
Example
On a real new product development project, the procurement plan would be shaped by taking a new product from concept to market. In particular, it should explicitly account for the project’s biggest risks — uncertain market fit, feature/scope creep, time-to-market pressure — rather than treating them as afterthoughts.