Product development is also termed as new product management which is a series of steps that includes the conceptualization, design, development and marketing of newly created or newly rebranded goods or services. The main objective of product development is to cultivate, maintain and increase company’s market share by satisfying all the demands of the customer. In this not every product will appeal to every customer or client base, so it is required to define target market for the product which is a critical component that must take place in the product development process of an organization.
Product development is creative which requires a systematic approach to guide the processes that are required in order to get new product in the market. Various organizations such as Product development and Management Association helps in providing guidance about selecting the best development framework for new product or service. It is basically a framework which helps in structuring the actual product development. Some of the frameworks which can be used are as Fuzzy frond end approach which is defined that what steps should be followed to decided that which order makes most sense for the specific product that is to be developed. The five elements which are involved in product development are as:
• Identification of design criteria: It basically involves brainstorming of new products. Once an idea has been identified as a prospective product, more formal product development strategy can be applied.
• Idea analysis: It basically involves a closer evaluation of the product concept. In this market research and concept studies are undertaken in order to determine that whether the idea is feasible within the business context to the company or the customer.
• Concept genesis: It basically involves turning of an identified product opportunity to a tangible concept.
• Prototyping: It basically involves creating a rapid prototype for a product concept which has been determined to have business and relevance and value. In this model is created rather than redefining of product model which will be tested.
• Product development: It basically involves ensuring of the concept which has passed muster and has been determined to make business sense with same business value.
Other frameworks which are included as design thinking which have iterative steps in order to promote creativity and collaboration. The five components which are included in design thinking are as follows: