stages

• What methods can an entrepreneur use to identify customer needs?

  Surveys, interviews, research, focus group discussions, and observations
• Why is identifying customer needs important in product development?

  It determines the products to be produced or provided
• What types of information can be gathered in the first stage of identifying customer needs?

  Product specifications such as performance, size, color, shape, and lifespan
• What is a target specification in product development?

  A target specification is essentially a wish-list based on customer needs and competitive product reviews
• Why is it important to analyze competitive products during product development?

  To provide important information in establishing product or service specifications
• What should be considered when analyzing competitive products?

  Successful design attributes that should be emulated or improved upon
• What is the outcome of generating product concepts?

  To illustrate types of products or services that are technically feasible and meet target specifications
• What happens after developing product concepts?

  A final concept is selected through evaluation between attributes
• What is the purpose of additional market research after selecting a product concept?

  To obtain feedback from certain key customers
• How are product specifications refined in the development process?

  Based on input from previous activities
• What factors are considered in the final specifications of a product?

  Expected service life, projected selling price, and extensive study results
• Why is performing economic analysis important during product development?

  To review and estimate development expenses, manufacturing costs, and selling prices
• What should be included in the detailed development plan during the project planning stage?

  A list of activities, necessary resources, expenses, and a development schedule with milestones
• What are the key stages in the product development process?

  1. Identify customer's needs
  2. Establish target specifications
  3. Analyze competitive products
  4. Generate product concepts
  5. Select a product concept
  6. Refine product specifications
  7. Perform economic analysis
  8. Plan the remaining development project