Product Design and Development: Innovation in Research Technology Management

Product development is an important constituent business policy and with its effective implementation in an organization products are designed, developed and positioned effectively according to its requirement and consumer behavior. A growing organization firm must concentrate on new product development techniques and old products elimination methods, as per market requirements from time to time. Innovation is the essence of development, in this modern competitive world of technological advancements, change is a consumer behavior, need for comforts and conveniences, change in expectation and market requirements organizations must be cautious to these changes taking place in its environment. New product development ideas are outcome of market research studies, consumers, competitive products, competition, etc.; it reveals market gaps by comparing the existing product conceptions of consumers. Product testing is another aspect of test marketing that has to be conducted carefully by an organization. Selecting the test market and monitoring the test and interpreting the test result are crucial factors to make the new product successful. By analyzing the adequate demand, new product must be launched in stages and old products must be eliminated accordingly in order to make product development successful.