Product Development Process Concept—Industrial Perspective

Abstract

Product development is a continuous process of evaluating the product and implementing the new solution. This process is based on the nature of competitiveness, marketing and strategies. The product development process also includes a new product introduction based on the requirement of the market and consumers. This process has to pass through various stages of research and development which depends on the type of product to be launched. Therefore, this paper focuses on the various product development concepts. The objective is to explore various processing stages of product development processes incorporated by the companies to increase their profitability. Through the discussion of the various concepts, it is found that the product is developed in physical form by implementing the theoretical knowledge, which is insufficient for selecting the final developed model. To get an aesthetically good and ergonomically better product, one needs to incorporate engineering analysis as well as using CAD/CAM tools and rapid prototyping (RPT) technology. In addition to that, market research needs to be done to increase the certainty of new products introduced in the market and increasing the ROI (return on investment). It helps the industry peoples to predict the life of the product.