PRODUCT DEVELOPMENT is the inclusive, detailed and complete process of bringing a new product to market. The product includes a set of benefits it offers; it can be ‘tangible’, something physical you can touch or ‘intangible’ like a service, experience, or concept. Companies view new product development as the first stage in generating and commercializing new products within the overall strategic process used to maintain or grow their market share. Product Development includes Preliminary market assessment, Technical assessment, Source-of-supply, suppliers and partners or alliances, in addition to Market research, market size and segmentation analysis… consumer opinion research, product concept testing, value-to-the customer assessment Product definition Business and financial analysis. These activities yield vital information to make a Go/No-Go to Development decision.

PRODUCT IDENTIFICATION

Product design
Product Engineering
Prototypes