Developing a high quality plastic part must cyclically check against required product functionality, structural stability, moldability, and cost effectiveness. Information modeling and managing associations among multiple engineering aspects is essential to maintain engineering consistency. A feature-based methodology is introduced here to facilitate cyclic processes involved in product development. The methodology starts with building product specification model based on specification features that enable capturing design intention and common product information at the onset of new product development. New feature types are introduced for information modeling of related engineering aspects. Then the methodology is elaborated with an example for iterative design evolvement through feature modifications based on CAE analyses.