How To Develop A New Product 

• Product development is an innovative activity designed to meet the identified needs in the market.  
• Consumer perception and preference have to be studied while formulating a new product. 
• Product development comprises formulation, standardization of processing method and evaluation and testing of final product. 
• The simplest methodology in product development is the trial and error method. 
• Statistical methods of product development are Factorial experiment and mixture experiment.