
Product Engineering
Product engineering is the process of turning an idea into a fully manufacturable product. The process is normally split into different phases with different project team members working on specific aspects of the product development. The hardware design would typically be completed by CAD development engineers, whereas the software would be completed by software engineers.
Take an electro-mechanical product, something like a DSLR camera, for example. The development of this would be planned out in the different phases of the development. Product engineering is the overall term used to bring that new camera to market.