3. Product_Development_Presentation (I & S).pptx

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1. Product Development From Idea to Market N. IYANARAPPAN ABC Polytechnic College 25/09/2025

2. Introduction to Product Development Product development refers to the process of creating a new product or improving an existing one. It’s essential for staying competitive and meeting customer needs. Involves multiple stages from idea to market launch.

3. Objectives of Product Development Satisfy customer demands and preferences. Introduce innovative solutions to the market. Grow revenue and improve market share. Outpace competitors with better offerings.

4. Stages of Product Development Idea Generation Idea Screening Concept Development & Testing Business Analysis Product Development Market Testing Commercialization

5. Stage 1: Idea Generation Collect ideas from multiple sources (customers, employees, competitors, R&D). Use brainstorming, mind mapping, and creative thinking.

6. Stage 2: Idea Screening Filter out unfeasible or misaligned ideas early. Prevents investment in weak concepts. Criteria: Feasibility, relevance, potential.

7. Stage 3: Concept Development & Testing Turn an idea into a testable product concept. Share with target customers to gain feedback. Adjust based on input.

8. Stage 4: Business Analysis Estimate potential sales, costs, and profits. Determine break-even points. Conduct a financial feasibility study.

9. Stage 5: Product Development Engineers and designers create prototypes. R&D performs trials and improvements. Cross-functional collaboration is key.

10. Stage 6: Market Testing Launch a test version in select regions or segments. Measure customer response, pricing, and promotional impact. Identify issues before full launch.

11. Stage 7: Commercialization Full-scale market launch. Marketing campaigns and distribution strategies go live. Monitor performance and adjust as needed.

12. Challenges in Product Development High cost and resource needs. Time pressure and deadlines. Market uncertainty. Aligning across departments.

13. Tools and Techniques Design Thinking: Empathy + ideation + prototyping. Agile/Scrum: Iterative development. Prototyping/MVP: Test quickly and cheaply. Market Research: Validate assumptions.

14. Case Studies Apple iPhone: Simple user-centric design. Dyson: Thousands of prototypes before launch. Oreo: Flavour innovation through customer feedback.

15. Conclusion Product development combines creativity, strategy, and execution. It's a systematic process vital for innovation and success. Focus on customer needs, continuous testing, and cross-team coordination.

16. Thank You ! Prepared by: N. IYANARAPPAN For feedback or questions, reach out at: 994456 50380 | [email protected]