Explain feasibility analysis and product development process, Project Management

Assignment Help:

Q. Explain Feasibility Analysis and Product development process?

Once the product concepts have been  formed, the feasibility studies are conducted. This study involves the following:

1)  Estimation of demand in the target market at different price levels.

2)  Forecasting sales based on demand estimation and competitive analysis.

3)  Cost benefit analysis.

4)  Calculation of the break-even point and sales volume.

Once the product concept seems feasible, the firm now takes the concept to the next stage of product development.

Product development

The product development involves various stages of development. The stages being:

a)  Studying the ingredient characteristics

b)  Technique standardization

c)  Variations

d)  Product standardization

e)  Product development

f)  Sensory evaluation/consumer acceptance

g)  Product modification

h)  Final product

The development of the  product involves vigorous functional and consumer tests. Functional tests are performed under laboratory  and field situations to test the product feasibility.  Consumer testing involves various sensory  evaluation tests to study consumer acceptance.


Related Discussions:- Explain feasibility analysis and product development process

Prepare a proper memo addressed to bill, You are an accountant who has been...

You are an accountant who has been approached by two people, Bill and Steve, for some advice.  Bill and Steve are planning to open a furniture store in Toronto.  They plan to rent

Feasibility analysis, Market analysis Competition: To protect the commun...

Market analysis Competition: To protect the community against harmful needle injuries Yarra council has already implemented the syringe management plan. Hence they are seen as a

Communication strategy, Communication Strategy: Communication str...

Communication Strategy: Communication strategy, beginners as a concept in the 1980s by communication expert Mary Munter, provides as the basis for all management communic

Scope of process design, Scope of Process Design  Design of manufactur...

Scope of Process Design  Design of manufacturing process starts with the receipt of product specifications and ends with the final plan for the manufacture of the product. The

Good project planning, Over the years, E has had a number of business succe...

Over the years, E has had a number of business successes in the building trade and property development. Her latest venture is to build a hotel in YX town. E has already gained the

Privatisation of public sector included undertakings, What are included in ...

What are included in the privatisation of public sector undertakings? Privatisation of public sector undertakings: It is consisting of witnessed the trend toward opening

To help local producers by restricting international trade, Attempts by a c...

Attempts by a country to help local producers by restricting international trade is known as   protectionism.

Threats of canon, what is the compny competitors doing?

what is the compny competitors doing?

Flexible manufacturing system, Flexible Manufacturing System FMS (Flex...

Flexible Manufacturing System FMS (Flexible manufacturing system) is a computer controlled system. It consists of several stations each geared to different operations. Work st

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd