Important Terms to Know About Product Development and Marketing Product development and marketing is crucial in today’s world. Just go to any store and check out the shelves. What lures you in? Probably the bold, vibrant products with catchy slogans and top notch design. You can hire the services of marketing firms to handle your product development and marketing needs. They sell products through commercials, print ads, slogans and jingles, all meant to reel in customers. Engineers, graphic designers, industrial designers, marketers and artists may all work for product development and marketing firms. Check out these important terms:
Concept Generation: The process of fostering creativity in business development to come up with facts, ideas and solutions, but it’s more than just brainstorming. Play and exploration, as well as free association, are required to explore new possibilities.
Industrial Design: First popular in the early 1900s when consumer products were industrialized, this refers to a combination of applied art and science. It’s geared to improving the aesthetics, marketability, usability and production of a product, with professionals working closely with marketers and engineers.
Prototype: This refers to a preliminary model of an object, achieved through group brainstorming sessions or workshops. This is one of the first steps of design, a process for coming up with this prototype to pitch how the object will work, as well as outline its benefits.
Product Lifecycle: A product’s life span within the market place, specifically in regards to costs and sales. Because every product has a limited lifecycle, each product has different marketing, manufacturing and financing needs throughout each stage.