Product Development flashcards are a useful tool for learning about the process of creating new products. These flashcards contain information on various stages of development, key concepts, and important terms related to the subject.
Product Development is the process of designing, creating, and launching a new product into the market. It involves market research, idea generation, testing, and refining the product before it is ready for consumers. Successful product development can lead to innovative and profitable products that meet the needs of customers.
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quick facts
Product development is the process of creating new products or improving existing ones to meet the needs of consumers.
During product development, companies conduct market research to understand what customers want and need.
Product development involves brainstorming ideas, designing prototypes, testing products, and making improvements based on feedback.
Successful product development can lead to increased sales, brand loyalty, and a competitive edge in the market.
Some famous products that have resulted from successful product development include the iPhone, Coca-Cola, and Nike sneakers.
card list
Front
Back
Market Research
Studying Customers And Competitors To Make Better Business Decisions.
Concept Development
Creating New Ideas Or Improving Existing Ideas.
Prototype Testing
Testing A Sample Version Of A Product To See How Well It Works Before Making The Final Version.
Product Design
Creating The Look And Function Of A New Item.
Feature Analysis
Examining The Characteristics Or Attributes Of Something.
Cost Estimation
Predicting How Much Money Something Will Cost.
Manufacturing Feasibility
Determining If A Product Can Be Made Effectively And Efficiently.
Supply Chain Management
Managing The Flow Of Goods From Production To Delivery.
Quality Control
Ensuring Products Meet Standards.
Regulatory Compliance
Following Rules And Laws Set By The Government.
Packaging Design
Creating The Look And Feel Of A Product's Packaging.
Branding
Creating A Unique Identity For A Product Or Company.
Pricing Strategy
Setting The Cost Of A Product Or Service To Attract Customers And Make A Profit.
Competitive Analysis
Comparing Your Business To Others To See How You Can Do Better.
Product Launch
Introducing A New Product To The Market.
Sales Forecasting
Predicting How Much Of A Product Will Be Sold In The Future.
Customer Feedback
Opinions And Comments From People Who Buy Things.
Product Lifecycle Management
Managing A Product From When It's Made To When It's Not Sold Anymore.
Continuous Improvement
Making Things Better Little By Little Over Time.
Value Proposition
A Value Proposition Is What Makes A Product Or Service Special And Worth Buying.
