Product Design and Development

Learning Objectives

  1. Define product.
  2. Describe the four major categories of product developments: new-to-the-market, new-to-the-company, improvement of existing product, and extension of product line.
  3. Explain where product ideas come from.
  4. Explain how an idea turns into a business opportunity.
  5. Describe the four types of utility provided by a product: time, place, ownership, and form.
  6. Explain how to research an industry.
  7. Forecast demand for a product.
  8. Learn how to use breakeven analysis to estimate the number of sales units at which net income is zero.
  9. Describe the process of developing a product that meets customer needs.
  10. Learn how to protect your product idea by applying for a patent.


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Foundations of Business by Manika Avasthi is licensed under a Creative Commons Attribution 4.0 International License, except where otherwise noted.

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