Explain product development.
Product Development is an activity that involves design or redesign and fabrication of modified or new product and after that testing this to find its usefulness.
The different steps involved in developing a product are as follows:-
a) Find New Ideas by initiating, adaptation, through invention, by dealers/customers and from public at large.
b) Divide the good and feasible concepts from amongst many, when need be, by a committee having managers of important Depts connected along with product development.
c) Estimate ideas technically with regard to method of manufacture, eqpt and abour requirements, and cost and performance characteristics
d) Evaluate ideas from markets point of view, which is their acceptability by the customers. Firstly evaluation can be done through cursory survey by salesmen, followed by an appropriate market survey.
e) Based upon information collected on market and technical aspects, this may be decided at last as to whether to go ahead for production or to forget the concept.
f) The following are done as designing the product, ordering of eqpt, procurement of material, training and selection of workers, establishing control system etc, if it is decided to take up the concept and production began.
g) Whereas production is on, preparations are completed to introduce the product in market and to impress the market along with the developed product as market, packaging, advertisement policies, channels of distribution, discount or price, guarantee and after sales service.