Product Design and Development

A product is something that can be marketed to customers since it provides a benefit and satifies a need. It can either be a physical good or a service. Four major categories of product development are, new-to-the-company, improvement of existing product, extension of product line, and new-to-the-market.

Product ideas can come from anywhere. It is important to think of product ideas that customers would want or need. Ideas can turn into a business opportunity when it has commercial potential. Products provide customers with 4 types of utility or benefit: time utility, place utility, ownership utility, and form utility.Ā  It is also important to understand the industry your product fits in. Do some research on the industry and ask people in the industry about it. Also when it comes to research, also look up similar product sales to help forecast sales for your product idea.

Below is the product development process.

This entry was posted in business and tagged . Bookmark the permalink.

One Response to Product Design and Development

  1. I’m glad to say the fact that I’m the most recent new member in here and i look forward to speaking together with everyone around here soon.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s