Products are the lifeblood of manufacturing corporations and most companies will look to bring new products to the market on a regular basis to grow market share and become more profitable. Product development, from planning to market implementation, is therefore an important aspect of their business. For those considering what is product development there are a few aspects to this.
Definition of Product Development
The definition of what is product development can basically be described as the full set of steps involved in taking a new product from initial concept to consumer sales. This can involve a number of steps, each of which is important in the overall concept of what is product development.
Common Steps in Product Development
Most industrial designers will have developed their own ideas of what is product development, although there are a number of common steps involved.
Concepts
Identifying concepts that can be turned into consumer products is the starting point of what is product development. Ideas can come from many different sources and trying to identify as many is possible is sensible. Most ideas never make it off the drawing board and therefore the more ideas generated, the more likely that a successful product idea will come to the fore.
Screening
The screening stage of what is product development looks to test the viability of all the ideas coming in to identify those that have a chance of being successful. This can look at potential benefits to customers, does the product fit in with current and future market trends, is the product technically feasible and can it be manufactured at an affordable cost. Running through these questions should help to weed out the products which will be non-runners and leave those that pass the screening test to move forward.
Market Research
The market research carried out for a product can further identify if it is a viable prospect, whether there is a sizeable market for the product and also help in identifying any potential intellectual property issues. It can also help identify the characteristics and features of the product that customers will likely find appealing.
Design Development
The design stage of what is business development looks to bring the product from idea to reality. It considers the engineering and technical aspects of the product and the appearance. It should also take manufacturing into consideration to ensure that making the product is as simple as possible and can be done at a cost that offers a reasonable level of profitability.
Business Analysis
The business analysis stage of what is product development should consider points such as the target price and the sales volume required.
Testing
The testing stage of what is product development includes beta testing, where a mock-up of the product is produced for testing by target customers, and market testing, where the product is put on sale in a limited area to test price and packaging. Feedback from this will help complete the development stage, allowing the product to be put on sale across all markets.
While product development needs to be a thorough process, most manufacturing firms will look to bring new products to market as quickly as they can. A number of the stages identified above can run at the same time, which is commonly known as concurrent engineering.
Role of the Product Developer
The product developer is the key position in the development of a new product. They will have responsibility for the whole process from start to finish. While they will have their own input to the development of the product, they must also liaise with others to ensure that all aspects of the design are adequately covered to make the product the best it can possibly be.
The information above provides a brief overview of what is product development. When completed successfully, the development process should result in a product that is well received by customers and profitable for the manufacturer.
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