What is Product Development?
Product development, also known as new product management, is a series of steps that includes the conceptualization, design, development, and marketing of newly created or newly rebranded goods or services. The goal of Product Development is to develop, maintain and increase a company's market share by satisfying a consumer demand in the existing market. Defining the target market for a product is of utmost importance and must be done early in the product development process, as every product will not appeal to every customer or client base, every product has its own niche and consumer base. Quantitative market research should be done during all the phases of the design process, including before the product or service is conceived, while the product is being designed and after the product has been launched.
Product development is an ever-evolving spontaneous process, It isn’t static and the process shall change depending upon the nature of the project, so will the person who manages product development, changing times would require changing measures. In some organizations, there would be a dedicated team that does and tests new products; they would have their own R & D units. Some smaller organizations may outsource their whole product development process. In midsize organizations, the product manager is mostly the person in charge of product development, and he or she may as well be a part of the marketing team, while tech shops selling B2B products and services that have very technical requirements and may have the system of product managers reporting to engineers, perhaps because product managers may define the process, executing it remains in the hands of engineers. Although product development is the creative process, the discipline requires a professional approach to guide a whole process that is needed to bring a new product to the market.
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