It is the process of creating a new product or service. It typically involves ideation, market research, prototyping, and testing. The goal here is to bring a new product or service to market that solves a problem or meets a need.
The product development process is the backbone of any business. It is a process by which a company takes an idea and turns it into a viable product.
Standard benefits of following the process of developing a product are:
* Increased innovation
* Improved customer satisfaction
* Enhanced competitiveness
* The ability to bring new products and services to market quickly
* The opportunity to solve problems and meet needs that others have not addressed
* The satisfaction of seeing your idea become a reality