Product Engineering FAQs

• What is Product Engineering?

  Product engineering is designing and developing a product to meet customer needs. The product is usually a physical object but can also be a software, web & mobile application, service, or even an experience.
  
  Product engineering is part of industrial engineering, a broad field that focuses on optimizing people, money, and materials systems to produce goods and services with maximum efficiency. Product engineers use their knowledge of industrial engineering to design products that meet customers' needs at an acceptable cost.

• What type of ROI can I expect from a product engineering project?

  The ROI of a product engineering project will depend on the initial investment in time and money and the cost of each iteration. You can expect a return on your investment in three to five years, depending on the size of your company and the complexity of your product.
  
  The longer it takes to develop a product, the greater the risk for an organization. The faster you can get something out there that users like the less risk you have invested in developing it. This is why prototypes are so important to companies like Apple — they want to test their ideas before investing too much into them.
  
  The other important factor is how many iterations you'll need before you get something out that users love. Suppose your business model requires multiple iterations before a product hits the market (like Google). In that case, you'll want to consider how much time and money each iteration costs you before deciding whether it's worth it.
  

• What are the stages involved in a product life cycle?

  There are five stages in the product life cycle, with each stage having specific opportunities and challenges. The Product Life Cycle:
  
  Introduction Stage
  This stage lasts from the first announcement of a new product until it reaches its peak share of the market. The introduction stage can be difficult for manufacturers because they have to invest heavily in marketing for a long time before seeing any investment return.
  
  Growth Stage
  This stage usually lasts three to seven years after launch — until competitors enter the market and start taking away market share from the original product. During this period, sales grow rapidly as companies try to gain an advantage over each other by introducing new features or lower prices.
  
  Maturity Stage
  Once all competitors have entered the market and there's no room left for new entrants, sales begin to slow down as competition becomes fierce among existing players trying to win customers from one another with price cuts and other promotions aimed at stimulating demand for their products.
  
  Decline Stage
  At this point, few buyers are left for your product, and revenue starts to fall until you eventually stop making it altogether or move on to something new.
  
  In this stage, sales start falling, and profits decrease.

• Which product lifecycle stage should I be in to contact a Product Engineering company like Icreon?

  Icreon works with clients throughout all stages of their product development process, from initial ideas through design and strategy, prototyping, validation & testing, and support & maintenance.
  
  The first step in the product development process is the idea. An idea can be anything from a simple concept to a fully developed prototype.
  
  The next step is to determine if the idea is viable and whether it will work on a large scale. This involves both financial and intellectual investment.
  
  Once you have decided that your idea has merit and are ready to move forward with development, you need to find an engineering company that will take on your project and turns it into reality.
  
  We can do that if you have an idea and want us to help you build it. If you already have a prototype but need help creating your next version or scaling up production, Icreon can help you in your product development journey.

• Why should I choose Icreon as my product engineering partner?

  Product engineering is a crucial step in the product development cycle. It involves designing and building the product. It is a complex process where different departments come together to produce a single product that meets the customer's needs. To build a successful product, it is important to partner with a company that has experience in this field. Icreon is one such company that offers its clients expertise in product engineering services.
  
  Icreon helps its clients design new products and improve existing ones by providing them with valuable insights into what customers want from their products. It does this through various methods, such as market research, customer feedback, and usability testing. Once the client knows what they want from their product, we help them develop it using our expertise in 3D modeling, prototyping, IoT, cloud engineering, AI & ML, and native & cross-platform technologies. This allows us to deliver high-quality products within the budget and time constraints set by our clients.