Although product development is creative, the discipline requires a systematic approach to guide the processes that are required to get a new product to market.
Product Development
Organizations such as the Product Development and Management Association (PDMA) and the Product Development Institute (PDI) provide guidance about selecting the best development framework for a new product or service
Identification of design criteria
Involves brainstorming possible new products. Once an idea has been identified as a prospective product, a more formal product development strategy can be applied.
Idea analysis
Involves a closer evaluation of the product concept. Market research and concept studies are undertaken to determine if the idea is feasible or within a relevant business context to the company or to the consumer.
Prototyping
Involves creating a rapid prototype for a product concept that has been determined to have business relevance and value.
Product development
Involves ensuring the concept is viable and has been determined to make business sense and have business value.
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