Importance Of Product Development

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Product Development: “Product development is the process of designing, creating and marketing new products or services to benefit the customers”. Product development comprises of all the processes, which leads the formation of a product starting from the Initial idea to the sale of the final product. It is the key tool to keep the companies in competition with the competitor products and to keep up with the changes and trends in the market. Product development comes into play when a firm wants to develop a new product to target a specific market segment or in improving an existing product or its packaging. Product development plays a key role in the success of a product and also on the lifetime of the product. Most successful organizations…show more content…
Market research will be helpful in identifying the potential customers and regions, competitors in the business. Thereby one can keep their focus in the relevant areas to succeed in the market. A complete market analysis will provide a good idea about the market size and segmentation, product differentiation and all the relevant data to solve marketing challenges. While introducing a new product into the market, the market analysis will determine whether is there any demand for this kind of product and is producing the new product will be profitable or not? In general, companies will perform the market research…show more content…
While designing a Product, a product designer has to consider various aspects like how the product will perform its intended functionality in an efficient, safe and reliable manner. Apart from the necessary requirements a product design should consider other constraints like it should be manufactured economically and to be attractive to targeted consumers. Depending upon the size of the product and number of individual parts involved to form the final intended product, the number of steps involved in the design may vary. There are various product design processes in practice and focus on different

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