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It is the transformation of an idea, needs, or wants by consumers or the marketplace at large, into a product that satisfies these needs. Steps in the Product Design Process
A. Idea Development
All product designs begin with an idea. The idea might come from a product manager who spends time with customers and has a sense of what customers want, from an engineer with a flair for inventions or from anyone else in the company.
Sources of Ideas:
Customers Competitors Benchmarking The process of studying the practices of companies considered best in class and comparing your companys performance against theirs. Reverse Engineering The process of disassembling a product to analyze its design features. Suppliers Early Supplier Involvement (ESI) Involving suppliers in the early stages of product design.
B. Product Screening
o Market analysis It consists of evaluating the product concept with potential customers through interviews, focus groups and other data collection methods. o Economic analysis It consists of developing estimates of production and demand costs and comparing them with estimates of demand. o Technical analysis It consists of determining whether technical capability to manufacture the product. Decision-Making Tool: Break-Even Analysis - It is a technique used to compute the amount of goods a company would need to sell to cover its costs.