Product Development Process

These flashcards cover key concepts, methods, and steps in the product development process based on the provided lecture notes.

What is the purpose of product validation?

To ensure you're creating a product people will pay for and avoid wasting time, money, and effort on a non-selling idea.

Name one method to validate product ideas.

Sending out an online survey to get feedback.

What is the SCAMPER method used for?

It is a technique for idea generation and product development.

What does the 'S' in SCAMPER stand for?

Substitute.

What are specialty products?

Luxury items such as Lexus and Mercedes cars or designer clothing.

Give an example of unsought products.

Pre-need funeral plans.

What are convenience products?

Items that are purchased frequently and with minimal effort, like gasoline or milk.

What types of products are included in shopping products?

Homogeneous (e.g., airplane flights) and heterogeneous (e.g., furniture).

Describe the first step in product development.

Idea generation.

What does the costing step in product development entail?

Calculating the total cost of goods sold (COGS) to determine the retail price.

What should be included in the costing spreadsheet?

Raw materials, manufacturing costs, shipping costs, and any import duties.

Why is commercialization important?

It is the step where the product is introduced to the market.

What does prototyping involve?

Creating a prototype of the product for testing and feedback.

What is one way to source materials for production?

Building a supply chain with vendors and partners.

What is a 3D printer used for in product development?

It can be used to create prototypes.

What is a Coming Soon page used for?

To gauge interest via email opt-ins or pre-orders.

What’s a key component of the planning phase?

Creating a list of different components or materials needed for the product.

Why is defining the retail price important?

To establish how much to sell the product for in the market.

What role does feedback play in the research phase of product development?

It helps in understanding market demand and refining the product idea.

What does put to another use mean in the SCAMPER technique?

Finding alternative uses for an existing product.