Product Development

Product Development Product development is the process of designing, creating, and marketing an idea or product. The product can either be one that is new to the marketplace or one that is new to your particular company, or, an existing product that has been improved. In many instances a product will be labeled new and improved when substantial changes have been made. The Product Development Process All product development goes through a similar planning process. Although the process is a continuous one, it is crucial that companies stand back after each step and evaluate whether the new product is worth the investment to continue. That evaluation should be based on a specific set of objective criteria, not someone's gut feeling. Even if the product is wonderful, if no one buys it the company will not make a profit. Brainstorming and developing a concept is the first step in product development. Once an idea is generated, it is important to determine whether there is a market for the product, what the target market is, and whether the idea will be profitable, as well as whether it is feasible from an engineering and financial standpoint. Once the product is determined to be feasible, the idea or concept is tested on a small sample of customers within the target market to see what their reactions are.

Product Development can be accomplished in following stages: Documentation Simply having an “idea” is worthless—we need to have proof of when we came up with the idea for your invention. Write down everything we can think of that relates to our invention, from what it is and how it works to how you’ll make and market it. This is the first step to patenting your idea and keeping it from being stolen. You ’ve probably heard about the “poor man’s patent”--writing our idea down and mailing it to ourself in a sealed envelope so we have dated proof of your invention’s conception. This is unreliable and

unlikely to hold up in court. Write our idea down in an inventor’s journal and have it signed by a witness. This journal will become your bible throughout the patent process. An inventor's journal can by any bound notebook whose pages are numbered consecutively and can't be removed or reinserted. We can find specially designed inventor's journals at bookstores (try Nolo Press or the Book Factory to start), or we can save money and purchase a generic notebook anywhere they're sold, such as the grocery store, office supply store, stationary store, etc. Just make sure it meets the requirements above. Research You will need to research your idea from a legal and business standpoint. Before you file a patent, you should: Complete an initial patent search. Just because you haven’t seen your invention doesn’t mean it doesn’t already exist. Before you hire a patent attorney or agent, complete a rudimentary search for free at www.uspto.gov to make sure no one else has patented your idea. You should also complete a non-patent “prior art” search. If you find any sort of artwork or design related to your idea, you cannot patent it--regardless of whether a prior patent has been filed. Research your market. Sure, your brother thinks your idea for a new lawn sprinkler is a great idea, but that doesn’t mean your neighbor would buy one. More than 95 percent of all patents never make money for the inventor. Before you invest too much time and money into patenting your invention, do some preliminary research of your target market. Is this something people will actually buy? Once you know there's a market, make sure your product can be manufactured and distributed at a low enough cost so that your retail price is reasonable. You can determine these costs by comparing those of similar products currently on the market. This will also help you size up your competition--which you will have, no matter how unique you think your invention is. Making a Prototype A prototype is a model of your invention that puts into practice all of the things you have written in your inventor’s journal. This will demonstrate the design of your invention when you present it to potential lenders and licensees. Do not file a patent before you have made a prototype. You will

almost always discover a flaw in your original design or think of a new feature you would like to add. If you patent your idea before you work out these kinks, it will be too late to include them in the patent and you will risk losing the patent rights of the new design to someone else. Here are some general rules of thumb when prototyping our invention: 1. Begin with a drawing. Before we begin the prototyping phase, sketch out all of our ideas into your inventor’s journal. 2. Create a concept mockup out of any material that will allow us to create a 3-D model of your design. 3. Once we’re satisfied with the mockup, create a full-working model of our idea. There are many books and kits that can help you create prototypes. If your invention is something that will cost a lot of money or is unreasonable to prototype (like an oil refinery process or a new pharmaceutical drug), consider using a computer-animated virtual prototype. Filing a Patent Now that we have all of the kinks worked out of our design, it's finally time to file a patent. There are two main patents you will have to choose from: a utility patent (for new processes or machines) or a design patent (for manufacturing new, nonobvious ornamental designs). We can write the patent and fill out the application our self, but do not file it our self until we have had a skilled patent professional look it over first. If the invention is really valuable, someone will infringe on it. If we do not have a strong patent written by a patent attorney or agent, we will be pulling our hair out later when a competitor finds a loophole that allows them to copy our idea. It's best to get the legal help now to avoid any legal problems in the future. When searching for a patent attorney or agent, remember one thing: If you see them advertised on TV, run away! Once you are far, far away, follow these steps to choosing the best patent professional: 1. Do our homework. Have our inventor’s journal, prototype and notes with us. This will save them time, and money. This will also help persuade them to work with us. 2. Make sure they are registered with the U.S. Patent and Trademark Office. 3. Ask them what their technical background is. If our invention is electronic, find a patent professional who is also an electrical engineer.

4. Discuss fees. Keep our focus on smaller patent firms. They are less expensive and will work more closely with us. Agree to the estimated total cost before hiring our patent professional. Marketing Your Invention Now we have to figure out how we’re going to bring our product to market. Create a business plan: How will you get money? Where will you manufacture the product? How will you sell it? Now is a good time to decide if you will manufacture and sell the product yourself, or license it for sale through another company. When you license your product you will probably only receive two percent to five percent in royalty fees. This often scares away inventors who feel they deserve more. But consider the upside: You will not have the financial burden associated with maintaining a business. This could end up making you more money in the long run. Following these five steps will ensure an easy road to patenting your invention. Just remember that an easy road doesn’t necessarily mean a short one. From the time you conceive your idea to the time you see your product on the shelf is a very long process. Most inventions take years to come to fruition. Have patience and follow due diligence in your steps to patenting your invention and your years of hard work will finally pay off.

Our company profile Altitude is a collective of creative thinkers united in a common purpose: to bring our clients business success. We believe that true innovation arises when talent and spirited intellectual engagement meet business acumen and a deep understanding of consumer needs and desires. Our expertise in design strategy, design innovation, product realization, and brand expression allow us to help clients clearly define their goals, differentiate themselves from competitors, lessen their impact on the environment, and offer solutions that are wholly relevant to consumers.

Organization chart

Our goal and strategy  Corporate goal- we want to start 2 other units in Delhi and Kolkata.  Corporate strategy- increase the profit of our current business by 10% so that we can invest on new units.  HR Strategy – we need to increase the turnover by 30% through 100% retention in 1 year. Our need for HR

Performance appraisal method Performance appraisal measures the qualitative and quantitative aspects of job performance. An appraisal evaluates not only the employee’s performance but also his potential for development. The primary objectives of an appraisal are – to assess past performance, to identify training needs, to set and agree on future objectives and standards, and to facilitate the achievement of these goals. •

The job evaluation method used in our company is point- ranking method.

Point ranking method: This method is useful when it becomes necessary to compare people who work for different supervisors, when there are several individual ratings an when appraisal forms are not particularly useful. This method is also employed to compare people in different units of an organization.

Factors, degrees and points for hourly rated jobs

Factors

1 degree 2 degree 3 degree 4 degree 5 degree

Skill Education

14

28

42

56

70

Experience

22

44

66

88

110

Initiative and ingenuity

14

28

42

56

70

Physical demand

10

20

30

40

50

Mental and/or visual demand

5

10

15

20

25

5

10

15

20

25

Responsibility for materials or 5 product

10

15

20

25

Responsibility for safety of others

5

10

15

20

25

Responsibility for work of others

5

10

15

20

25

Effort

Responsibility

Responsibility for equipment or process

Job conditions Working conditions

10

20

30

40

50

Hazards

5

10

15

20

25

Altitude manual for salaried jobs

Factors

1 2 3 4 5 6 7 8 degree degree degree degree degree degree degree degree

Education

20

40

60

80

100

120

_

_

Experience 25

50

75

100

125

150

175

200

Complexity 20 of duties

40

60

80

100

_

_

_

Monetary 5 responsibil ity

10

20

40

60

_

_

_

Working conditions

5

10

15

20

25

_

_

_

Type of supervisio n

5

10

20

40

60

_

_

_

Extent of supervisio n

5

10

20

40

60

_

_

_

Strategies and policies for achieving 100% retention

1. Select the right people in the first place through behavior-based testing and competency screening. The right person, in the right seat, on the right bus is the starting point.  Head designer- designers with some management skill. An experienced designer who has the skill to understand and evaluate a design and guide the designers working under him.  Designer - he could be a fresher with new and bright ideas, who is

eager to work.

1. Offer an attractive, competitive, benefits package with components such as life insurance, disability insurance and flexible hours.  Merchandisers- they need to travel a lot to find new clients and to maintain a good relationship with them, hence we give travel allowance, Petro card etc.  Employee quarters- especially for employees from out station.

2. Provide opportunities for people to share their knowledge via training sessions, presentations, mentoring others and team assignments.  Designers – they need to be aware of the new designing soft wares.  Sewers in the sampling department need to be trained for multi styles.

3. TRUST- Demonstrate respect for employees at all times. Listen to them deeply; use their ideas; never ridicule or shame them.  We give only believable promises to the employees .



If there is a possibility of promotion we let them know about it and tell them what we are expecting from the employee and how we are evaluating them.

 Have a manager who is able to communicate with his team very well, who is a good listener and who is able to take thoughtful risks. 4. RECOGNITION- Offer performance feedback and praise good efforts and results.  Including them in staff meetings to offer updates on recognition.  Praise them with an increment or bonus.  If a designing team in our company has created design which is extra

ordinary , we display it in the reception hall with a group photograph of the team members.

5. People want to enjoy their work. Make work fun. Engage and employ the special talents of each individual.  Have a party in the last Friday of every month.  Avoid unnecessary rules.  Have a separate area or room near the cafeteria named as the hall of art where talents like painting and poetry can be framed.

6. Enable employees to balance work and life. Allow flexible starting times, core business hours and flexible ending times.  Give optional starting and ending times where the working hours would still be the same.( employees working in a team should all adjust to the same time though)  We have to understand that even an employee’s sons cricket match is

important. Allow limited paid holidays if informed at least 2 day prior so that we get time to distribute the work among other team members or get a substitute.( depends upon the pending or upcoming work of the employee at the time).

7. Involve employees in decisions that affect their jobs and the overall direction of the company whenever possible.  At the time of expansion we plan to shift a few employees to the new

branch so that we can maintain the same culture in other branches also- we explain the importance of their presence in the new company and give them an option to chose their own branch. Since we have found out that most of the employees are settled with their family in the town, we offer them a promotion or on increment so that more people would be willing to shift to the new branch.

8. Encourage employees to have good, even best, friends, at work.  Try putting designers who are comfortable with each other in the same team.

Conclusion

Employee development is crucial for the growth and prosperity of any business as employees are one of the determining factors for the success of the company. The more capable and qualified the employees the better the performance of the company. When they are well trained, they can easily handle situations, please customers ensuring customer retention as well as resolve any glitches easily without much ado.