Product development, also called new product management, is a series of steps that we includes in the conceptualization, design, development and marketing of newly created or newly rebranded goods or services.

The objective of product development is to cultivate, maintain and increase a company’s market share by satisfying a consumer demand. Not every product will appeal to every customer or client base, so defining the target market for a product is a critical component that must take place early in the product development process.

IDENTIFICATION OF DESIGN CRITERIA

— Involves brain storming possible new products. Once an idea has been identified as a prospective product, a more formal product development strategy can be applied.

IDEA ANALYSIS

— Involves a closer evaluation of the product concept. Market research and concept studies are undertaken to determine if the idea is feasible or within a relevant business context to the company or to the consumer.

CONCEPT GENESIS

— Involves turning an identified product opportunity into a tangible concept.

PROTOTYPING

— Involves creating a rapid prototype for a product concept that has been determined to have business relevance and value. Prototyping in this front-end context means a “quick-and-dirty” model is created, rather than the refined product model that will be tested and marketed later on.

PRODUCT DEVELOPMENT

–– Involves ensuring the concept is viable and has been determined to make business sense and have business value.