Are items that are usually “tangible”, such as pens, salt, apples, and hats?

Are activities provided by other people, who include doctors, lawn care workers, dentists.” Intangible/perishable”?

When a company makes decisions regarding place, they are trying to determine where they should sell a product and how to deliver the product to the market?

It refers to a good or service that a company offers to customers. Ideally, a product should fulfill an existing consumer demand?

It includes advertising, public relations, and promotional strategy?

It is the cost consumers pay for a product?

This is the phase in which the company conducts various activities in order to understand the customer’s needs and desires and define the functional requirements of the product?

During this phase various ideas for products generated in the first phase are discussed and evaluated so that the final product is finalized?

Phase that Once the product ‘s high level specifications have been finalized and the top management has approved this product and committed resources for its development?

This phase needs a lot of preparation so as to ensure that the product succeeds in the market. Just making a good product is not enough to ensure its success?

This is a critical phase in the management of products?

A system and its done to keep the company ahead of its competition and to give it a competitive advantage. The success of the company is determined by the success of its products?

This document lays down what each functional area (within the organization) has to undertake. It also documents the commitments made in time and cost by each functional area?

This document also important because it is brought out quickly and must contain the commitments of all the stake holders in the Product Development Team?

This process has the following advantages over the method of a Product Manager making a complete CRD document and then sending it to the concerned stake holders for development?

It is the stage that we must realize that though it seems that product development is a simple and straight forward process it is not always that we get products that can be commercialized?

This means that the Product Management team uses methods and techniques that help it to identify the problems that the customer would like to have a solution for?

This means that the team also needs to understand the product so that they can effectively sell the product to the customer?

A process that the product management team knows how they have positioned the product and what their target segment is?

A process that small incremental improvements can be made to the product thus increasing its life and profitability of the company while keeping it ahead of competition?

At this stage the product is developed and evaluated to see if the product meets all the functional requirements set out in the initial 20 documents?

At this stage the product is more or less finalized. However, some fine tuning may continue till the product launch and even during the life of the product?

Once the final product comes out of the factory it is once again shown to some key partners (much larger numbers than before) in the market and sometimes in a small area to get the more feedback?

The product management team also visits various trade fairs as this not only tell them what the competition is planning but also gives them a new insight into new technologies and developments happening all over the world?

It searches allow the product management team to know what technologies and processes are available for use?

At this stage we know that capital is scarce and new product development is expensive.it can help the company make profits while staying ahead of its competition?

Even though a new product may be ready, it may not be possible to launch it because the customers are not ready for it?

They also define the look and feel of the product. It involves a detailed process in which several functional areas are involved?

It defines the size of the market, the segment for which the product has been defined, what are the investments needed to make and sell the product and what will be the profit that the product makes during its life cycle?

Chapter 3 is all about The Product Management Process.

Chapter 2 is all about The Product Planning System.

Chapter 1 is all about Product Planning System.

The Product Development Process is led by Product Planning Team.

There is 8 functions the product management interfaces.

4P’s of Product Management are People, Price, Promotion, Place.

If there is lack of clarity the team already know what needs to be developed.

CRD product development team consists of people from R&D, Manufacturing, Quality and Control, Sales and Marketing only.

There are 4 following activities that undertaken in Product Definition Phase.

Need for CRD does not allows you to completely think out the product and strategy in advance.

Market needs are classified by two Goods and Services.

Customer surveys and responses to existing products is part of New Product Identification Phase.

Launch is not part of Product Development Phase.

Test Marketing is part of Product Development Phase.

There are 4 types of considerations in Product Discontinuation Phase.

Contents of CRD is not for urgency.

Each of the function is must be listed by priority, from Lowest priority to Highest priority.

It is a Disadvantage of Good CRD if Product manager is much more closely involved with the team from the beginning.

One of the Disadvantage in Strategic Good CRD is This process requires a lot of co-ordination on part of the Product Manager.

Cost of commercialization is a part of Archived Products in Product Development.