The document provides an overview of key concepts related to product development and management. It discusses that product development is a process that involves designing, building, operating, and maintaining goods and services. It is performed by multi-disciplinary teams with goals of creating products people want to buy and continue using. The document also outlines the different types of new products, product life cycles with their phases from initiation to decommissioning, and provides some examples of new products introduced in various industries.

1. A publication of
Dr. Rajesh K Satpathy
Strategic
Product
Management
Concepts related to Product
/PGDM/KIAMS/2021

2. Concepts related to Product
The World of products
has many important
concepts related to it
that are very popularly
prevalent in the
industries world over.

3. Product development is the process of
designing, building, operating, and
maintaining a good or service.
Product development adds things like
pricing, marketing, and customer support to
the technology to create a complete
product.
The companies world over, use a product
development process to ensure that they
are not just manufacturing a product that
people will want to buy but also one that
people would like to continue to use.

4. Product development is
performed by a multi-
disciplinary team whose goal
is building, operating, and
maintaining the product.
Team members may include
product managers, product
developers, project managers,
product operations engineers,
customer support managers,
quality assurance managers,
user interface design
engineers, marketers, financial
personnel, graphic artists, etc.

5. New Product
The dynamics of markets, technology,
and competition have brought changes
to virtually every market sector and
have made new product development
one of the most powerful business
activities.
The monumental changes that
constantly impact commerce have
forced companies to innovate with
increasing speed, efficiency, and
quality.
• Sony introduced Walkman
• GE introduced Light
• HUL’s adult diapers,
DEPEND, in Indian market.

6. Tanay Manjrekar was
amongst the four people
rode Virgin hyperloop as
a part of its first
passenger test.
https://www.youtube.com/
watch?v=GhvU6piNI0w

7. The first Made-for-Google lightbulbs.
The first Bulb

8. There are five categories of new products.
1. New-to-the-world products or services are new inventions.
Example: Virgin Hyperloop, Star Link by Tesla
2. New category entries are products or services that are new to a firm
Example: Jio Services by Reliance Industries
3. Additions to product lines add products or services to a firm’s current markets.
Example: When a powder laundry detergent offers a liquid version it is considered a
line extension (Ariel by P&G)
4. Product improvements are another type of new product and are common to every
product category.
Example: Tata Sky Binge, Airtel Xstream
5.Repositionings target products to new markets or for new uses.
Example: Kellogg's K, Nestle Maggi

9. STAR LINK IS IDEAL FOR RURAL & REMOTE COMMUNITIES

11. Product Life Cycle
We have all learned about
the product life cycle can be
divided into four phases
namely…
introduction,
growth, maturity and decline.
.
1. Product Initiation Phase:
In the Initiation Phase, Product
Management, Engineering, or
Operations submits a request for a new
service or modification to an existing service.
2. Feasibility Phase:
The Feasibility Phase is where an idea is
explored in more depth in
order to determine the feasibility of
engineering the requested service within the
scope of the business needs.

12. Product Life Cycle
3. Design and Plan Phase:
In the Design & Plan Phase, the cross-
functional team documents all detail
pertaining to the development of the
service.
While core documents, such as the
Marketing Service Description,
Technical Service Description, and
Design Specifications, are stabilized…
other groups, including Operations,
Quality Assurance, and Customer Care
begin to specify their requirements for
supporting the service.
4. Development Phase:
In the Development Phase, the actual
engineering of the service is
completed. As the service is being
developed, other functional groups
continue preparatory work for the Testing
and Introduction Phases.
Much of the documentation to support
Customer Care, Training, Vendors, and
Clients is created during this phase.

13. Product Life Cycle
5. Testing Phase:
The majority of the Testing Phase is
spent certifying the hardware and
software changes involved in the
service. The service will undergo a
number of readiness tests in a Lab
Environment.
An operation also performs necessary
system and network tests to ensure
operational readiness prior to
deployment.
A ‘GO’ decision at the gate
authorizes the launch of the service.
6. Product Launch Phase:
The Product Launch Phase coordinates
the deployment of the new or modified
service.
As the service is enabled by Operations,
the supporting organizations initiate
support processes to maintain the
service.

14. Product Life Cycle
7. Operation Phase:
The Operation Phase is typically the
longest of the phases since once a
product is developed, it may be
operated for quite some time before it
is updated or decommissioned.
The operation phase requires an
organization that can manage the
product, track problems and bugs, and
respond to customer issues regarding
the product in a timely and cost
effective manner.
8. Decommissioning Phase:
The Decommissioning Phase occurs at
the end of the product life cycle.
While it may seem like the
decommissioning phase is something
that can be safely ignored since there will
likely be larger problems if the product is
decommissioned, the truth is that many
products are taken out of service.

15. Virgin Hyperloop is designing the future of travel…

16. Thank You !!