What is Product Development? Meaning
First let’s sympathise the important of give-and-take viz., production as well as development.
- Product agency whatsoever marketable affair alongside unopen to utility inwards it, produced either yesteryear a labour or through serial of automated processes.
- Development is an human activeness of making or achieving a continuous progress inwards something yesteryear 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 too 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 trouble of products.
Normally, a companionship starts alongside 1 or 2 products. However, afterwards unopen to fourth dimension it has few to a greater extent than products inwards its trouble (say from xv 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, plant or functions equally under:
- Creation of an exactly novel production or upgrading an existing production yesteryear exploring all possibilities as well as outcomes.
- Innovation of a novel or an existing production to deliver improve as well as enhanced services to end-users.
- Continuous improvement of a novel production or enhancing an existing production yesteryear 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 peril of investing precious time, coin (capital) as well as intellectual resources. Therefore, it is necessary that it is well-planned.
A proficient production evolution helps to:
- Create novel concern opportunities as well as convey growth.
- Boost productivity as well as profitability of the entrepreneurs.
- Enhance the satisfaction levels of the consumers.
Definition of Product Development
In general, the definition of production evolution tin give notice hold upwardly stated equally 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 exactly novel form 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 solid consumption.
- Packing cooking crude oil inwards retail pouches for solid consumption.
- Converting dry reason trouble phones into wireless handsets for slow portability as well as 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 as well as accessibility of electronic books as well as other digital documents.
- Convert a uncomplicated bird into a fighter jet to accomplish a greater speed.
