005-Product development Flashcards
The process of “choosing” which services or products should be developed and offered to meet customer needs and company’s objectives.
Involves evaluating: market demand, cost, quality, and potential profitability
Good Service Selection
The creative and strategic process of “developing” new ideas, products, and services.
Composed of: idea generation, feasibility, and innovation.
Generating New Products
The process of designing, creating, and marketing “new” products.
From conceptualizing to final production and market launch.
Product Development
The challenges or obstacles in the product development process
Issues for Product Development
The process of building a new product from ideas to market launch
Product Development
The Six Stages of Product Development
- Idea Generation: Generating ideas for new products.
- Product Definition: Scoping and Concept Development.
- Prototyping: Intensive Research, Documenting, and Creating. Formulating a detailed business plan and Product Construction.
- Initial Design: Production of “product mockup”
- Validation and Testing: Validation and Testing of Products.
- Commercialization: commercializing the concept, launching and implementing product launch.
Anything presented by a business to deliver customer satisfaction, whether it’s something tangible or intangible
Product
A methodology that focuses on enhancing customer experience while engaging with services.
Service Design
These are the guidelines created by experts.
Not legally required
Industry Standards
Reduction of using energy in manufacturing
Energy Efficient
These are set by the government and authorities.
Legally required, must be followed.
Regulations
