Industrial- or Product Design is not a new discipline. It started with the serial manufacturing of goods which makes it different from craftmanship. Essentially you design an object once and it can be produced in series without a designer - which is not possible in craft. The most famous industrial design rules or principles are the "10 principles for good design" by Dieter Rams which later inspired the Apple Design philosophy.
A regular industrial design process works as follows:
Generally this is all someone needs to know about industrial design - which is very little. Industrial design was and is still an additive instead of a discipline which truly is able to rethink things. Of course a designer can't produce anything without production which is directed by manufacturers requiring large upfront sums of investment. As a result industrial design often only does what manufacturers ask them to which often enough is simply boring and unnecessary.
Many household objects haven't been rethought for ages. Instead of the object, designers should focus on the subject at hand itself. Here a few example:
Maybe it is time for a new form of design - a design that uses new forms of technology and ignores antiquated mental models of existing objects at the core.