50 word response about Product Design, management homework

Hello Class and Professor, Product DesignIdea generation:This is the beginning of the design process and it happens byunderstanding customers, their wants, and their needs (Russell &Taylor, 2014). This understanding comes from market research,customer complaints and suggestions, workers, the R&D department,etc. This understanding can come from anywhere.Feasibility study:“A feasibility study consists of a market analysis, an economicanalysis, and a technical/strategic analysis” (Russell & Taylor,2014, p 161). A market analysis determines if thereis enough demand for a product; an economic analysis looks at theestimated costs of the products and compares it to the estimated salesvolume; and the technical/strategic analysis aims to decide if there istoo much risk associated with product idea, ifthe product requires innovative technology, does the product provide acompetitive edge, and so many more questions (Russell & Taylor,2014).Rapid prototyping:This is the process of taking a preliminary design creating the model,testing it, and revising it as needed (Russell & Taylor, 2014).