Product Development Process

Flashcards covering key concepts in the product development process and related marketing strategies.

Product Development Process

The organized approach to bringing a new product to market, which includes planning, conceptualization, design, testing, and production.

Stage-Gate Process

A widely accepted model of product development that divides the process into phases separated by gates, where decisions are made on project continuation.

Phase 0

The planning phase that occurs before the approval of the product development project.

Phase 1: Concept Development

The phase in which various design ideas for the product and its subsystems are explored.

Phase 2: System-Level Design

The phase where the functions of the product are examined, leading to the definition of its subsystems.

Phase 3: Detail Design

The phase in which the product is designed to a complete engineering specification, allowing for testing and production.

Phase 4: Testing and Refinement

This phase involves the creation and testing of multiple pre-production versions of the product.

Phase 5: Production Ramp-Up

The phase where manufacturing begins to produce and assemble the product using the intended production system.

Factors for Success

The critical elements that influence the success of a product, including quality, performance, price, manufacturing cost, development cost, and time to market.

Static Products

Products that experience slow design changes over long periods through incremental improvements.

Dynamic Products

Products that are subject to rapid changes and evolution based on customer demand.

Market Segmentation

The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors.

Marketing Plan

A strategic document that outlines the stages of marketing a product, including target market identification and product strategy.

Invention

The act of creating a new idea or concept that is not previously known.

Innovation

The process of transforming an invention into a useful product, leading to economic benefits.

Diffusion

The widespread adoption and implementation of successful innovations in the market.

Star Businesses

Businesses with high sales growth potential and high market share.

Wildcat Businesses

Businesses with high sales growth potential but low market share.

Cash-Cow Businesses

Businesses with low growth potential but high market share.

Dog Businesses

Businesses with low growth potential and low market share.

Gatekeepers

Individuals who control the flow of information between outside sources and the product development team.