How do you manage the risks in the product development process? what precautions do you take to reduce risk?

Good project mangement is allways making the question "What if...?" hence determining the associated risks in the product development strategy.
Risk mitigation is allways having a plan B a plan C and also a plan for pulling the plug.
As project is as better as it's capacity for replaning in the presence of contingencies.

Search Market , search customers demands , End cost , all marketing most be finished before any change to products it means you most have customer and market , you most know what customers needs , you most need customers purchase power .
so managing the risk is simple if we have plan ,

As a part of risk mitigation strategy you should have a risk register.
" A Risk Register is a Risk Management tool commonly used in Project Management and organizational risk assessments.
It acts as a central repository for all risks identified by the project or organisation and, for each risk, includes information such as risk probability, impact, counter-measures, risk owner and so on." You can use this to track the level of risk associated with your product in each stage of development.
You can also use project office to create a schedule of your product development to help you keep track of crucial times when you need to complete standards checks for quality assurance and compliance.
Most companies use ISO standards as a standard for all there products in development.
" The ISO9000 family addresses various aspects of quality management and contains some of ISO’s best known standards.
The standards provide guidance and tools for companies and organizations who want to ensure that their products and services consistently meet customer’s requirements, and that quality is consistently improved." All of these are tools you can use to help reduce your risk relative to product development.

In every product  development  process we have risk & problems at the time of  final  execution.we have to defect the problem, risk and remove it.Before execution of final product we have to take some more samples and take advice or opinion  other team mates,we remind market strategy & product specification of product.Then also  we have the plan B & plan C.If anything occurred we have the other plan.