Product Development is a major part of any export business. Through product development buyers can send their unique drawing/designs and as per the need of design, suitable vendors are chosen for the project and then the vendor start making dye/molds for same. The idea is to enable buyers to customize their product according to their need and conveniences.
Product development (PD) is the process of bringing a new product to market. New product development provides an opportune platform for new items or new product series. New products also enable the sellers to decide their prices because routine or running item always have a static price due to competition in market. It is important to know that there are many uncertainties and challenges throughout the process of new product development.
The product development process typically consists of several activities that firms employ in the complex process of introducing new products into the market. Every new product is supposed to pass through a series of stages from ideation through design, manufacturing and market introduction. The development process has three main phases: