Product Development
Product development encompasses taking a product idea from concept to delivery and beyond through a series of processes such as strategizing, brainstorming, planning, building, and releasing a product to market and then measuring its success.
Traditionally, product development was equated with the build phase of the product lifecycle. For teams following strict Waterfall processes, requirements were defined upfront and implemented in sequential phases. Most product teams now embrace a more iterative approach based on Agile methodologies.
These are the several stages of the product development process:
- Strategize: Define goals and initiatives
- Ideate: Capture and refine promising ideas
- Plan: Build a well-defined product roadmap and estimate product value
- Showcase: Share roadmaps and go-to-market plans with stakeholders
- Build: Deliver new functionality (Technical product design and development)
- Launch: Bring new capabilities to market
- Analyze: Assess realized product value
New product development (NPD)
NPD is the process of taking a product, new or old, from concept to market.
