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.