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A product concept is a description of a product or service, at an early stage in the product lifecycle. [1] It is generated before any detailed design work is undertaken and takes into consideration market analysis, customer experience, product features, product cost, strategic fit, and product architecture.
In the maturity stage of the Product life cycle, the product is widely known and many consumers own it. In the maturity phase of the product life cycle, demand levels off and sales volume increases at a slower rate. There are several competitors by this stage and the original supplier may reduce prices to maintain market share and support sales.
Product Design Process: The product design process is a set of strategic and tactical activities, from idea generation to commercialization, used to create a product design. In a systematic approach, product designers conceptualize and evaluate ideas, turning them into tangible inventions and products. The product designer's role is to combine ...
Product development often overlaps much with the engineering design process, particularly if the new product being developed involves application of math and/or science. Every new product will pass through a series of stages/phases, including ideation among other aspects of design, as well as manufacturing and market introduction. In highly ...
The decision-matrix method, also Pugh method or Pugh concept selection, invented by Stuart Pugh, [1] is a qualitative technique used to rank the multi-dimensional options of an option set. It is frequently used in engineering for making design decisions but can also be used to rank investment options, vendor options, product options or any ...
Conceptual questions or conceptual problems in science, technology, engineering, and mathematics (STEM) education are questions that can be answered based only on the knowledge of relevant concepts, rather than performing extensive calculations. They contrast with most homework and exam problems in science and engineering that typically require ...
The concept can be used to validate a market need for a product [9] and for incremental developments of an existing product. [10] As it tests a potential business model to customers to see how the market would react, it is especially useful for new/startup companies who are more concerned with finding out where potential business opportunities ...
[5] [6] [3] [7] The concept of prototyping in design disciplines' literature is also related to the concepts of experimentation (i.e., an iterative problem-solving process of trying, failing and improving), [4] and Research through Design (RtD) (i.e., designers make a prototype with the purpose of conducting research and generating knowledge ...