Conventional product development process employs a design-build break philosophy which is sequentially executed product development process. It often results in a prolonged lead-time and a high product cost. This paper proposes the concurrent engineering design approach integrating design process to solve the above problems. The proposed approach in this paper holds potential for shortening the overall product development cycle, improving product quality, and reducing product cost. This paper presents three concepts and methods for product development : (1) considering product performance, quality and cost together in early design stage, (2) supporting design decision-making through a quantitative approach, and (3) incorporating rapid prototyping and virtual prototyping for design verification.