Slide 1

Vanita Jawale Pratiksha karambePruthvish PatilSatyajit Aldar

Group members:Product Decision It is a very conscious decision made by a company for a product.

Anything that can be offered to a market for attention, acquisition, use or consumption and that might satisfy a want or need.

Types of Product DecisionDecisions about the Product Types to be Offered: Decisions about the Product Types to be Offered are taken on a product mix and product line level.Decisions about the Physical/Tangible Product: The decisions pertaining to the tangible/physical product refer to functional characteristics, quality, and style.

Decisions about the Intangible/ Augmented Product: Intangible/ Augmented Product-related decisions comprise branding, packaging, and product services.

Product analysisA product analysis helps designers to examine products in detail.

Designers often buy products from competitors or buy inspirational products.

They examine and evaluate products as well as take them apart (disassembly).

Designers might also look at products from the past.

Also time and research costs are reduced as another company has already done this work. Higher level product analysis A-A*Include comments on the following to gain more marks for your work:--Good/bad pointsAreas for improvementIndustrial practice (e.g. how easily can it be manufactured on a larger scale)Laws and regulations e.g. safety issuesMoral issues (e.g. animal fur, offensive slogans/styles)Environmental impact (e.g. winners and losers, use of recycled materials, packaging, fibre, dyes, lifecycle analysis)Social issues (e.g. cost, gender, brands, celebrity influence, image product gives user)Cultural issues (e.g. traditional techniques/designs)

Product DevelopmentThe creation ofproductswith new or differentcharacteristicsthatoffernew or additionalbenefitsto thecustomer.

Product development may involvemodificationof an existing product or itspresentation, or formulation of an entirelynew productthat satisfies a newly defined customerwant

Must be alert to quickly develop opportunities10Why New Products?New product development is essential to any business that must keep up with market trends and changes.

Approximately one-third of the revenue a business generates is coming from products they did not sell five years ago

Changing environment creates new demands and needs11New Products necessity A way of getting new and keeping old customers

Effective way of obtaining a competitive advantage

Source of growth and excitement

12DefinitionNew product development (NPD) is the complete process of bringing a new product or service to market. New product development may be done to develop an item to compete with a particular product or may be done to improve an already established product.

THE STAGES OF NEW PRODUCT DEVELOPMENTIdea generation

Idea screening

Concept development & testing

Business analysis

Market testing

Technical implementation

Commercialization

New product pricingExamplesThis type of development is considered the preliminary step in product or service development and involves a number of steps that must be completed before the product can be introduced to the market.Fair & lovely. Bajaj Pulsar.Samsung Mobile

AgendaMarket Research/Opportunity ScanConcept TestingPrototype DevelopmentMarket TestingProduct Launch16