Chapter 1 Essay

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Chapter 1

The economic success of most firms depends on their ability to identify the needs of customers and to quickly create products that meet these needs and can be produced at low costs.
A product is something sold by an enterprise to its customers.
Product development is a set of activities beginning with perception of a market opportunity and ending in the production, sale, and delivery of a product.
Characteristics of Successful Product Development
5 specific dimensions used to assess the performance of a product development effort (2) High performance along these 5 dimensions should ultimately lead to economic success. Although there are other performance criteria such as:
Members of the development team
Other employees
And community in which the product is manufactured
Who Designs and Develops Products?
Product development is an interdisciplinary activity that requires contribution from nearly all the functions of the firm:
Marketing: the marketing function mediates the interaction between the firm and its customers. Marketing often facilitates the identification of product opportunities, the definition of market segments, identification of customer needs. Also arranges for communication between the firm and its customers, sets target prices, and oversees the launch and promotion of the product.
Design: lead role in defining physical form of the product to best meet customer needs. Engineering design (mechanical, electrical, software, etc.) and industrial design

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