Which of the following is a core component of the engineering design process?

Generating concepts is a fundamental component of the engineering design process. This phase involves brainstorming and developing potential solutions to address the defined problem. It encourages creativity and innovation, allowing engineers to explore multiple avenues and ideas before narrowing down to the most viable options. By generating concepts, engineers can consider various approaches and ultimately select the best solution based on criteria such as feasibility, functionality, cost, and user needs.

The other options, while relevant in broader business contexts or specific project phases, do not directly pertain to the engineering design process itself. Marketing strategy development focuses on promoting a product and reaching target audiences, financial forecasting is concerned with predicting future financial outcomes, and product launch planning deals with the steps required to introduce a finished product to the market. These elements come into play after the design process has established a viable product solution.