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Every product, whether from the world of tech and electronics or FMCG, needs a proper development plan and is based on a specific life-cycle. This doesn't stop with production done well. You then have to check how it will do on the market. So, it is an ongoing process from breathing life into the product to making it marketable. It requires enough strategic planning. You need to focus on various aspects.
In the development process itself, you have to be make sure that the design is efficient; materials are of best quality yet cost effective; the way to manufacture it and how effective it is; from packaging to transportation - how dependable the retail will be; and so on.
Coming to the life cycle, you'll have to have a complete idea about how the product will be physically created; how it will be introduced to the market; what good it will do and what are the prospects of its growth and maturity; customer satisfaction; and when and how will it face its decline.