Product development in business or engineering is a term used to describe the complete process of introducing a new product in the market. The steps involved in product development are idea generation or the product ideation, product design, detail engineering, market research and analysis. Together all these stages cover the overall strategic process of a products life cycle management.
In the first stage of product development; ideas of new products are obtained based on SWOT analysis that strengths, weaknesses, opportunities and threats, researching the market trends, competitors, company’s R&D department, salespeople, employees and other such aspects. The ideas generated in the process are implemented in the next stage which is the idea screening. In this stage the idea is evaluated based on certain factors such as benefits obtained, target market, product growth, competition on the product, market trend and the product sales, profits involved and the price of the product.
In the later stages the concept development and testing; the product’s design is searched in intellectual property right and patent data bases. This way if the product is not patented; it can be released in the market as a patent of that company; leading to more target market. After this business analysis is carried out to check the feasibility of the product, then the product is developed initially a prototype and when the prototype is successful then a full-fledged product. The product is released in a market for a specific area and its sales are monitored; if the product is gaining popularity then it is sent for commercialization and product packaging.