Product Development Process
What are the various steps or technical activities in the Product Development Process in an organizational framework?
Expert
Product development consists of technical activities of product research, engineering and design. It is an important and continuous function thus requiring sound organizational framework.
Steps:
• Generation of new product ideas: the process of product development begins with an idea originating inside or outside the firm.
• Screening of Ideas: a quick review of all product ideas are made to determine which of them deserves further consideration.
• Detailed Business Analysis: the ideas that are found promising after screening are then subjected to rigorous analysis in terms of commercial viability and technical feasibility.
• Product Development: once the product idea is found feasible and profitable, the product is developed and produced on sample basis. Thus an idea gets converted in a physical form.
• Test Marketing: the product is tested in selected market area to find the consumers’ reaction.
• Commercialization: after the product satisfies market tests, full scale production and marketing are undertaken. The product is finally born and its life cycle begins.
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