Product development methodology is the chosen process used to structure, control and plan a product from the ground up, leading to the highest success with the least resistance and most cost-efficiency. Choosing how to go about developing a product should take into account many things to determine the best route.
The product type can, and should, play a role in deciding the method with which you develop. Considering historical data (if any exists about similar products, their successes and failures) can undoubtedly lend a hand in determining the best methodological route to take.