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Difference between revisions of "Product Development"

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Business Dictionary defines Product Development as "the creation of products with new or different characteristics that offer new or additional benefits to the customer." Product development may involve modification of an existing product or its presentation, or formulation of an entirely new product that satisfies a newly defined customer want or market niche.<ref>Defining Product Development [http://www.businessdictionary.com/definition/product-development.html Business Dictionary]</ref>
 
Business Dictionary defines Product Development as "the creation of products with new or different characteristics that offer new or additional benefits to the customer." Product development may involve modification of an existing product or its presentation, or formulation of an entirely new product that satisfies a newly defined customer want or market niche.<ref>Defining Product Development [http://www.businessdictionary.com/definition/product-development.html Business Dictionary]</ref>
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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. The objective of product development is to cultivate, maintain and increase a company's market share by satisfying a consumer demand. Not every product will appeal to every customer or client base, so defining the target market for a product is a critical component that must take place early in the product development process. Quantitative market research should be conducted 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.<ref>What is Product Development [https://searchcio.techtarget.com/definition/product-development-or-new-product-development-NPD Techtarget]</ref>

Revision as of 14:09, 17 October 2019

Business Dictionary defines Product Development as "the creation of products with new or different characteristics that offer new or additional benefits to the customer." Product development may involve modification of an existing product or its presentation, or formulation of an entirely new product that satisfies a newly defined customer want or market niche.[1]

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. The objective of product development is to cultivate, maintain and increase a company's market share by satisfying a consumer demand. Not every product will appeal to every customer or client base, so defining the target market for a product is a critical component that must take place early in the product development process. Quantitative market research should be conducted 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.[2]

  1. Defining Product Development Business Dictionary
  2. What is Product Development Techtarget