Product development, also known as new product development (NPD), is the process of bringing a new product to market, renewing an existing product, or introducing a product in a new market. It involves the complete journey of a product from the initial idea to after its market release. The process of product development typically includes the following stages:
- Identifying a market need
- Conceptualizing and understanding product feasibility
- Building a product roadmap
- Launching a product
- Collecting feedback and iterating on the product
Product development is a creative process that requires a systematic approach to guide the processes required to get new products to market. It involves a specific product strategy to bring an idea to life. The product development process typically consists of several activities that firms employ in the complex process of delivering new products to the market. These activities include product design, engineering design, and various business considerations. The product development process often overlaps much with the engineering design process, particularly if the new product being developed involves application of math and/or science.
Product development is an ever-evolving and fluid process. In some organizations, theres a dedicated team that researches and tests new products, whereas smaller organizations may outsource their new product development to a design team. The product development team is often made up of people actively involved in one or more stages of product development. They also collaborate with people from other teams who participate in the products success as well, such as customer success, sales, finance, and legal.
