In order to develop a well-balanced product, it is necessary to consider not only the customers, but also all the other stakeholders throughout the product's life cycle. A holistic view is needed in order to manage all criteria, considering as many perspectives and interests as possible. This paper presents a model that provides a common understanding for stakeholders involved, together with the requirements, functions and sub-systems of the product being developed. The model supports the decision-making process, and supports the designer to balance the interests of different stakeholders and the related functions. This results in a product developed according to all known demands from various stakeholders. This, in turn, will enhance the possibility of success in the market. The model has been applied in an industrial case study.