Product Development Definition

Today, we will talk about the product development definition. Also, we will talk about its importance in modern times. So, if you want to know more, then read on.

Product Development Definition

Product development refers to the process of bringing a new product or service to the market. Also, it is the whole procedure of the development and introduction of products. It includes all the activities that are needed to develop a new product or service. Also, it varies in different industries and sectors. However, some common steps are followed by all the industries.

Further, it is a process that includes various steps. This process starts by understanding the customer’s needs and wants. Then, it is followed by defining the problem. After that, there is the generation of ideas, testing and designing, and then finally, manufacturing and marketing.

Product Development Steps

The product development process has some important steps that should be followed properly when introducing a new product or service in the market. These steps are:

Step 1: Product Concept Generation

In this step, the team discusses the prospective customers in detail. They discuss their needs and wants from the proposed product or service. Also, they discuss their problem statement thoroughly to get an insight on what they need to do next to solve their problem?

Step 2: Idea Generation

Here, people will generate ideas for solving the problem statement in step 1. Some companies have specific groups doing idea generation separately. This group comes up with different ideas regarding the new product or service. Then, ideas can be generated by brainstorming sessions. This is where everyone participates actively in coming up with innovative ideas to solve the problem statement made in step 1.

Step 3: Screening Phase

The screening phase is done separately from the idea generation. Phase because it’s different from other phases. It consists of eliminating those ideas which are not feasible for implementation of those ideas which are not able to solve the problem stated in step 1. 

Then, at this stage, you should eliminate all those ideas which don’t meet your requirements. Or you can say that you should eliminate all those ideas which you don’t like to implement as a final solution for your customers’ problem.

Step 4: Feasibility Study

Here, people start studying whether it’s possible to implement those ideas which have been selected at the screening phase. At this stage, a feasibility study is done separately for each idea selected in the previous stage. Because feasibility study depends on each idea individually. If one idea is feasible then another idea can’t be implemented because feasibility study depends on each idea separately. At this stage, they start studying whether they have enough resources to implement that idea. The last step is next.

Step 6: Prototyping

Prototyping is the next step after the feasibility study. Here, people start designing a prototype of the new product or service. They use different tools and techniques to create a prototype. These tools and techniques include paper prototyping, computer-aided drafting, and 3D modeling. This process helps in understanding the product or service better. Also, it helps in making changes at this stage before manufacturing.