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Copyright 2006
Cornell University.
All rights reserved.


Introduction and Objectives

Many entrepreneurs start their businesses because they have an idea for a product that is unique and they think people will buy it. The two considerations are based on interest in the product in the marketplace, called marketability, the product not being available elsewhere.

Unfortunately, a unique idea is not always a business opportunity. The product development process helps to weed out ideas that are unique but not likely to sell in the marketplace. It also perfects an idea so that it can be profitable. The product development process translates a good idea into a product that

  • can be produced in volume
  • has a quality level that will sell
  • will make a profit for you.

Product development takes an idea and prepares it for the marketplace, or commercializes it.

The 1930's was inspiration for this set of design ideas

After completing this module, you will be able to:

  1. Describe the steps in product development from design to commercialization and product maintenance.
  2. Discuss the market and trend research strategies that will confirm your product idea as an opportunity for profit.
  3. Compare the role of prototypes and production patterns in the product development process.
  4. Analyze and select appropriate pricing strategies for new products that focus on innovation, price leadership, market penetration, and luxury.
  5. Identify and explain the variable and fixed costs incurred when producing apparel and sewn products.




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