Product Development Tools/Techniques
Punjab Technical University
Meaning: Product development is the carried out after research which follows pure research. Development is the work contributing towards improvement in the existing knowledge by way of improved ideas, systems, techniques, etc.
Product development is a specialized activity which may result in creation of new product or modification in the production process to produce the same product. Product development involves design, redesign and fabrication of new or modified product and then testing it to find its usefulness.
Needs of Product Development:
1. Meet changing needs of the customers.
2. Adjust with the variation of quantity required.
3. Produce product in that in which consumers are willing to buy.
4. Maintain sales position and net profit also when competition is hard.
Product Development Procedure:
1. Venture New Product Ideas
1) Imitation: Its means marketing another same product similar to one in the market.
2) Adaptations: It involves developing an improved product foe an already existing in the markets.
3) Inventions: New design comes from the invention.
4) Other Sources: Sometimes the new ideas come from the following sources:
a) Dealers and customers
b) By advertising, asking people to send their ideas.
c) Success stories of friend/relative, experience of other manufacturers.
d) Internal sources.
2. Idea Screening: The various project ideas are carefully screened and choose best ideas from them.
3. Concept Development: All ideas selected after preliminary investigation are subjected to detailed investigation and analysis.
4. Product Analysis: It is carried out in occurrence with product design. Many factors are analyzed in connection with development and design such as sales,