Product development also called new product management is a series of steps that includes the conceptualization, design, development and marketing of newly created or newly rebranded goods or services. Product development includes a products entire journey from the initial idea to after its market release.The objective of product development from a business standpoint is to cultivate, maintain and increase a companys market share by satisfying consumer demand.
From a customer standpoint, its 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.