Virtual Product Development
Products:
• MOBILE
• BIKE
• LAPTOP
Companies:
Company A
• Develops product with more innovations and creativity.
• Cost incurred doesnot matter.
Company B
• Develops product with reliability and optimal features.
• Cost restricted to certain limits.
Company C
• Develops product with basic features.
• Aimed at cheap cost to serve wide market.
Product Markets
Market A
• People prefer more technologies and aesthetics.
• Ready to pay any cost.
Market B
• People with monthly salary giving priority to durability.
• Expecting moderate cost.
Market C
• People in rural area who are in need of the products basic uses.
• Earning wages; cost of the product is a great concern.
Steps to Develop a product:
(1) Company strategy:
• 3 companies with different product strategy based on the FUNDS, PRODUCT IDEA, TARGET MARKET, MARKETING STRATEGIES and
COMPETITORS.
• Students have to select the appropriate company to develop their product.
(2) Product market:
• 3 product market will be defined (some markets will not be suitable for the companies strategies).
• Students have to select a appropriate market based on the selected company strategy.
(3) Customer and public review:
• Analyzing customer and public product review.
• Identifying the current product disadvantages.
• Students can split their teams and discuss with others to collect public opinion and expectation.
(4) Group discussion and team sharing:
• Team members have to get back to their team and discuss their findings.
• Lays a foundation for product understanding and brain storming.
(5) Brain storming:
• Students have to come out with their own concept ideas.
• All the ideas have to be denoted through concept sketching and idea description.
(6)Concept streaming:
• Concept ideas developed by each member of the team will be displayed for the other members of the team and ideas will be discussed
within the team.
• All ideas will be discussed within the team and best design features will be selected for the final product.
(7)Product design feature template:
Product functional feature |
Customer product feature |
Competitors product feature |
Innovative product feature |
|
|
|
|
• The entire product design features have to be filled in the template.
• This tool helps to recheck company's strategies satisfying the new product.
(8)Product development:
• Develop a new product based on the concept design ideas and product design template.
• Concept hand sketches have to be developed, explaining the product features and functionality.
• These hand sketches have displayed during the dragon den.
(9)Dragons den:
• Flip charts have to be prepared for the new product presentation.
• All the team members have to be involved in the presentation.
• Winning team will be decided during the end of the dragon den.
Contents for the Student Presentation:
• Your team should have a company name.
• Introduction of the team and area of interest of the team members.
• Explain the company strategy, market and the reason for selection.
• Explanation on the product feature template.(either .PPT or chart paper).
• Introducing the product (hand sketch images of the finished product).
• Discussion on the product features and ideas.
• Highlight the evidence of product characteristic like
(1) DFMA
(2) Aesthetics
(3) Ergonomics
(4) Safety
(5) Material Selection
(6) Product Cost
• Conclusion