Introduction to Product Development

Product development is a sequential order of steps which involves the idea generation, screening, designing, developing and marketing of newly produced or newly rebranded products or services. Product development typically refers to all of the stages involved in bringing a product from concept or idea through market release and beyond. In other words, product development incorporates a product¿s entire journey. The product development process is a sequence of all the required activities that a company must perform to develop, manufacture, and sell a product. New Product Development is the total process that takes a service or a product from conception to market. New or rebranded products and services are meant to fill a consumer demand or an opportunity in the marketplace. The steps in product development include drafting the concept, creating the design, developing the product or service, and defining the marketing. The product development life cycle can be defined as a sequence of all the required activities that a company must perform to develop, manufacture and sell a product.