Product Development Process
What are the various steps or technical activities in the Product Development Process in an organizational framework?
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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.
Project Management: It is the planning and organization of an organization's resources in order to shift a particular task, event or duty in the direction of completion. Project management usually includes a one-time project instead of an ongoing acti
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