Product Development Process

Meaning & Definition

A product development process is a step-by-step approach that outlines all of the steps required to bring a product from concept to market. It is a complex procedure that transforms a product idea into marketable merchandise and normally consists of multiple steps in the complex process of providing new items.

You start with an idea or concept and work your way to product specifications, a price strategy, service components, and distribution methods at the end of the process. This method must be idea-driven or market-driven from the start!

The goal of the product development process is to not only create something new but also to maximize the product’s value and reduce the risk of failure, which is caused by: Poor quality, noncompetitive price, late or premature entry, limited brand awareness, and insufficient promotional support.

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