Product Design and Development
Learning Objectives
- Define product.
- 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.
- Explain where product ideas come from.
- Explain how an idea turns into a business opportunity.
- Describe the four types of utility provided by a product: time, place, ownership, and form.
- Explain how to research an industry.
- Forecast demand for a product.
- Learn how to use breakeven analysis to estimate the number of sales units at which net income is zero.
- Describe the process of developing a product that meets customer needs.
- Learn how to protect your product idea by applying for a patent.
