Most product development work in industrial practice is incremental, i.e., the company has had a product in production and on the market for some time, and now time has come to design an upgraded variant. This type of redesign project requires that the engineering designers have competences to carry through an analysis of the existing product encompassing both a user-oriented and a technical perspective, as well as to synthesize solution proposals for the upgraded variant. In the Product Analysis and Redesign course module we have developed a product analysis method and a staging of it, which have proven productive. In this paper we present the product analysis method and its staging, and we reflect on the students' application of it. We conclude that the method is a valid contribution to develop students' redesign competences.