The development of successful new products in less time and using fewer resources is key to the financial success of most consumer product companies. In this thesis we have studied the development of new products and how to systematically improve the execution of new product development. Product development is an activity that concerns multiple functions, involves technical complexity, a variety of stakeholders and is ultimately a complex human activity. We have used a systems engineering approach to tackle this complexity and study product development in a holistic manner. Consequently we have focused on what we call the product development system which includes all the elements of structure (functional elements, links and arrangement) and the elements of character or concept (values, principles, operating style) that define a specific product development organization. The study of the product development system is done using examples from the automotive industry and an extensive review of knowledge from prior studies into product development. Five elements of structure - product, process, people, tools and goals - are reviewed to provide guidelines and insight to what combination of these elements is required to build a congruent structure for a product development system. Additionally, communication in product development and architectural lessons are analyzed to enable the selection of character elements for the design of a product development system.