Product Development

Product development is the complete, multi-stage process of bringing a new product to market or iterating upon an existing one. As a core discipline within innovation management, it provides a structured framework for transforming a creative concept into a commercially viable offering, encompassing the entire journey from initial idea generation and market research through to detailed design, prototyping, testing, and final commercial launch. This critical business function requires a strategic, cross-functional approach—involving marketing, engineering, and finance—to successfully create offerings that meet customer needs, secure a competitive advantage, and drive sustainable growth.