What is Product Development?

Business & Management
, ,
#1
The firms develop new products targeted to its existing market segments. A product development strategy may be appropriate if the firm's strengths are related to its specific customers than the product itself. In this situation, it can leverage its strengths by developing a new product targeted to its existing customers.

Risk: New product development carries more risk than simply attempting to increase market share

image
image713×310 61.3 KB

#2

Product development is the process of

  1. Identifying user needs/desires
  2. Translating those needs/desires into specifications
  3. Designing a product/system/experience that you think will meet those specifications
  4. Verifying your design does indeed meet the specifications described in step 2.
  5. Validating that meeting the specifications in step 2 means you address the needs/desires in step 1.
  6. Repeat until you think your product is good enough to launch.
  7. Launch.