50 word response about Product Design, management homework

Hello Class and Professor, ;

Product Design

Idea generation: This is the beginning of the design process and it happens by understanding customers, their wants, and their needs (Russell & Taylor, 2014). This understanding comes from market research, customer complaints and suggestions, workers, the R&D department, etc. This understanding can come from anywhere.

Feasibility study: “A feasibility study consists of a market analysis, an economic analysis, and a technical/strategic analysis” (Russell & Taylor, 2014, p 161). A market analysis determines if there is enough demand for a product; an economic analysis looks at the estimated costs of the products and compares it to the estimated sales volume; and the technical/strategic analysis aims to decide if there is too much risk associated with product idea, if the product requires innovative technology, does the product provide a competitive edge, and so many more questions (Russell & Taylor, 2014).

Rapid prototyping: This is the process of taking a preliminary design creating the model, testing it, and revising it as needed (Russell & Taylor, 2014).