Innovation and Prodcut Development
The first element is the product. A product is a good or service intended to meet the needs of consumers or society. Read the introductions of each section to gain an understanding of products and product development.
- The success of a business depends on its ability to identify the unmet needs of consumers and to develop products that meet those needs at a reasonable cost.
- Accomplishing these goals requires a collaborative effort by individuals from all areas of the organization: operations management (including representatives from engineering, design, and manufacturing), marketing, accounting, and finance.
- Representatives from these various functional areas often work together as project teams throughout the product development process, which consists of a series of activities that transform a product idea into a final product.
- This process can be broken down into seven steps:
- Evaluate opportunities and select the best product mix
- Get feedback to refine the product concept that describes what the product might look like and how it might work
- Make sure that the product performs and appeals to consumers
- Design with manufacturing in mind to build both quality and efficiency into the manufacturing process
- Build and test prototypes, or physical models of the product
- Run market tests and enter the ramp-up stage during which employees are trained in the production process
- Launch the product