{"id":172397,"date":"2024-03-06T13:05:49","date_gmt":"2024-03-06T13:05:49","guid":{"rendered":"https:\/\/businessyield.com\/?p=172397"},"modified":"2024-03-08T13:12:02","modified_gmt":"2024-03-08T13:12:02","slug":"product-development","status":"publish","type":"post","link":"https:\/\/businessyield.com\/marketing\/product-development\/","title":{"rendered":"What Is Product Development? An Expert’s Guide For Product Developers and Managers","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n
Whether you are delivering a brand-new offering or enhancing an existing product, the product development cycle begins long before anything gets built. Traditionally, product development was equated with the build phase of the product lifecycle. For teams following strict waterfall processes, requirements were defined upfront and implemented in sequential phases. However, I’ve found, through research, that most product teams now embrace a more iterative approach based on agile methodologies. This includes incorporating customer feedback early, releasing work incrementally, and embracing change.<\/p>\n\n\n\n
Methodologies aside, product development today is about much more than “how” a product is built. It is the “why,” “what,” and “when” \u2014 involving cross-functional work from product management and engineering to product marketing. Your goal is to work together to build, launch, and refine a product that customers love.<\/p>\n\n\n\n
If that is what you want, then congratulations; you have come to the right place. Buckle up as I lead you on a journey into the world of product development.<\/p>\n\n\n\n
\nKey points<\/p>\n\n\n\n
\n
- Product development is the creation and launch of products to meet customer needs. It is used for new product development (NPD) and the improvement of existing products.<\/li>\n\n\n\n
- The product development process includes stages such as ideation, marketing strategy and commercialization. <\/li>\n\n\n\n
- A product development plan is important as it aligns the team, creates checkpoints, eliminates risks, contains success metrics and enhances creativity.<\/li>\n\n\n\n
- You can also use technologies like AI, cloud technology, automation and analysis to speed up the product development life cycle.<\/li>\n\n\n\n
- To ensure the success of product development, I recommend that companies should adopt certain best practices to guide their efforts.<\/li>\n<\/ul>\n<\/blockquote>\n\n\n\n
What is Product Development?<\/strong><\/span><\/h2>\n\n\n\n
Product development is the process of strategizing, brainstorming, planning, building, and releasing a product to market and then measuring its success. It encompasses taking a product idea from concept to delivery and beyond \u2014 so you can grow your business and make customers happy. It is a series of steps that includes the conceptualization, design, development, and marketing of newly created or newly rebranded goods or services. <\/p>\n\n\n\n
Simply put, product development includes a product’s entire journey, from the initial idea to its market release.<\/p>\n\n\n\n
The objective of product development from a business standpoint is to cultivate, maintain, and increase a company’s market share by satisfying consumer demand. From a customer standpoint, it is to ensure value in the product as a quality good or service. Not every product will appeal to every customer or client base, so defining the target market for a product is a critical step that must take place early in the product development process. Organizations should conduct quantitative market research at all 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.<\/p>\n\n\n\n
And while they sound almost identical, there’s an important difference between product development and product management. Product development describes the process of building a product, while product management oversees that process. It’s a slight difference, but an important distinction. A product manager, who often oversees the product development team, will lead product management.<\/p>\n\n\n\n
You should check out the articles below for more insight:<\/p>\n\n\n\n
\n
- HOW TO BECOME PRODUCT MANAGER: The Complete Guide<\/strong><\/a><\/li>\n\n\n\n
- The Future of Product Lifecycle Management: Top PLM Trends Shaping 2024<\/strong><\/a><\/li>\n\n\n\n
- PRODUCT DESIGNER: What They Do and How to Become One<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n
Stages of Product Development<\/strong><\/span><\/h2>\n\n\n\n