What are the steps in developing a product, Business Management

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What are the steps in developing a product?

The various steps included within developing a product are as follows:

1. Acquire New Ideas through initiating, adaptation, through invention, by dealers/customers, through public at large.

2. Separate the good and feasible concepts from amongst several, when need be, through a committee having managers of significant Depts. connected along with product development.

3. Calculate ideas technically regarding method of manufacture, equipment and labour needs, cost and performance characteristics, etc

4. Calculate ideas from markets view point namely their acceptability by the customers. First evaluation can be done through cursory survey by salesmen, followed through a correct market survey.

5. Based upon information collected onto market and technical aspects, this may be decided at last as to whether to go ahead for production or to forget the concept.

6. When it is decided to take up the concept and production started, after that the following are done namely designing the product, procurement of material, ordering of equipment and selection or training of workers, establishing control system many more.

7. When production is on, preparations are done to establish the product in market and to impress the market along with the developed product namely market, packaging, advertisement policies, channels of distribution, guarantee and after sales service as well as price/discount, etc  Short Notes.


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