Product development is a multi-step process that helps companies determine what features their products, services, and processes will have, how they will be implemented and where they will be positioned in the marketplace. Product development is not just a once-and-done event. Companies constantly enter new markets, bring out new versions of existing products and update those products with the latest technologies and features.

A product development process is a systematic approach to creating an innovative new product. It involves six steps, each of which takes the company from initial conception to market launch: identifying a need, researching the competition, ideating a solution, developing a product roadmap and business plan, building an MVP (minimum viable product), and testing and refining it with potential customers. The six-phase process can be divided into 12 smaller phases that help organize tasks better and give you more time to focus on delivering individual deliverables.

First, let’s know about the product development

Product development is a balanced and organized process that helps move ideas through your team, project, or company, ultimately resulting in a finished product. This workflow emphasizes creativity and strategy while streamlining communication and providing transparency to stakeholders at every step along the way. The product development process starts with a brainstorming session followed by planning, design, testing, production, and launch. Each phase links back to the previous phase and is essential for delivering a successful outcome. This guide will show you how to approach each step in the development of a new product with ease and clarity.

The stages of product development are as follows

Product development is an iterative cycle of phases that helps you launch your next product. The product life cycle begins with the ideation phase and continues through five other phases: idea validation, concept development, product design, development and testing, and commercialization. Each step in the process helps bring you closer to a successful product launch.

Idea generation (Ideation)

The idea generation phase involves brainstorming with your team to generate as many new product ideas as possible. Everyone must have an open mind during this stage so that you can come up with a wide variety of solutions.

Ideation tools like mind mapping can help you organize your ideas, but it’s not always easy coming up with new concepts on your own. For this reason, it’s important to have outside input from customers or experts during this phase so that they can provide feedback on potential ideas before they get too far along in development.

Idea screening (Evaluation)

After generating several possible solutions, it’s important to evaluate each one objectively so that you can determine which ones are most likely to succeed in the marketplace. During this phase of product development, you must look at each solution from every angle: technical feasibility, marketability, legal issues, and commercial viability (cost). It’s also important for companies developing new products to use market research techniques such as focus groups or surveys or even conduct real-life experiments.

Prototyping

The prototyping stage of product development is when you create early versions of your product to test and evaluate so that you can make changes before you release a full version. Prototypes help you identify areas of risk before you go too far into the development process. They also allow you to share your idea with others, which can help them see how valuable it is and encourage them to support or fund your project.
During this stage, your team will intensively research and document the product by creating a more detailed business plan and constructing the product.

Initial design

The initial design phase is when you create the first tangible version of your product. This can be a prototype or a mockup, depending on the complexity of your product. During this stage, project stakeholders work together to produce a mockup of the product based on the MVP prototype. A successful initial design may take several iterations to get just right and may involve communicating with distributors to source necessary materials.

Concept testing & validation

Once you have a list of potential concepts, you need to determine which ones are worth investing time and money into developing further. This is where concept testing comes in handy because it allows you to narrow down your list of ideas based on how well customers respond to them before you spend too much time and money developing them further for market release.

Commercialization

As you enter the final stage of product development, you’re in a good position to launch your idea to the world. It’s now time to sell your idea, which entails launching your product and integrating it into your website. You’ve finished the design and put your development and marketing strategy to the test. You should be comfortable with your final iteration and prepared to deliver your final result.

At this stage, you’ve taken your product from concept to market. Your product is ready for launch and it’s time to get feedback on your product and start getting sales.

When you have a successful launch of your idea, you can begin working on scaling up your business. You have the validation that customers want what you have created and now it’s time to scale up production so that you can be profitable with your new business model.

This is an exciting time in the life cycle of a product because it means that you are finally making money from your hard work!