What is Product Development? Meaning
First let’s empathize the important of discussion viz., production in addition to development.
- Product agency whatever marketable affair alongside unopen to utility inwards it, produced either past times a labour or through serial of automated processes.
- Development is an human activity of making or achieving a continuous progress inwards something past times someone. Progress transit from an before policy (traditional approach) to an advanced policy (modern approach).
Product evolution is a specialized activity. It is done to improve the existing production or to innovate a novel production inwards the market. It is every bit good done to improve the before features or techniques or systems.
Image credits © Prof. Mudit Katyani.
Generally, it agency a new-product development.
New-product evolution agency to innovate a brand-new production inwards the market. It agency to add together a fresh production to an existing draw of products.
Normally, a fellowship starts alongside 1 or ii products. However, afterwards unopen to fourth dimension it has few to a greater extent than products inwards its draw (say from fifteen to 20). This is possible exactly because of new-product development.
Refer next diagram to know the basic important of production development.
Product evolution takes place, industrial plant or functions every bit under:
- Creation of an exclusively novel production or upgrading an existing production past times exploring all possibilities in addition to outcomes.
- Innovation of a novel or an existing production to deliver ameliorate in addition to enhanced services to end-users.
- Continuous improvement of a novel production or enhancing an existing production past times giving preference to satisfy the need of end-users.
- Enhancing the utility of a novel production or upgrading features of an existing product, for the personal and/or commercial use, to expand the defined destination (objective).
Product evolution involves run a jeopardy of investing precious time, coin (capital) in addition to intellectual resources. Therefore, it is necessary that it is well-planned.
A proficient production evolution helps to:
- Create novel draw of piece of occupation concern opportunities in addition to convey growth.
- Boost productivity in addition to profitability of the entrepreneurs.
- Enhance the satisfaction levels of the consumers.
Definition of Product Development
In general, the definition of production evolution tin post away live on stated every bit follows:
“Product Development is a creation, innovation, utility enhancement or continuous improvement of before features (design, service, etc.) of an existing production or developing (manufacturing) an exclusively novel sort of production to satisfy the requirements of its end-users (consumers).”
Example of Product Development
Following are unopen to mutual examples of production development.
- Packing wheat flour inwards retail bags for identify consumption.
- Packing cooking crude oil inwards retail pouches for identify consumption.
- Converting soil draw phones into wireless handsets for tardily portability in addition to full-time access to communication.
- Modify desktop computers into light-weight laptops to repose portability.
- Transform a traditional library into an e-library to facilitate faster searching in addition to accessibility of electronic books in addition to other digital documents.
- Convert a elementary bird into a fighter jet to hit a greater speed.
