This document discusses key factors in product design including cost, quality, time-to-market, customer satisfaction, and competitive advantage. The main focus of product design is customer satisfaction and understanding customer wants, while secondary focuses include function, cost, quality, appearance, ease of production, and maintenance. Product design must also be based on an organization's capabilities and failing to consider this can reduce productivity, quality, and increase costs. Typical phases of product design development include concept development, product planning, product/process engineering, and pilot production/ramp-up.