What is a Product Development Process?

The five stages of product development are:

1. Brainstorming and ideation
2. Research and idea screening
3. Concept development
4. Prototyping and evaluation
5. Product launch and commercialization

Source: https://mymanagementguide.com

The product development process involves the following steps:

1. Idea Generation: Business brainstorms new product concepts.
2. Product Definition (Discovery): Product team creates a detailed assessment of the technical, market, and business aspects of the new product concept and determines core functionality.
3. Prototyping: Product team performs comprehensive market research and explores the competitive landscape of the new product. A financial model and pricing is also established for the new product. For tangible hardware systems, the team also explores the manufacturability of the proposed product.
4. Detailed Design (Development): The team focuses on product design and the refinement of the prototype through alpha and beta testing. Customer feedback is gathered and incorporated into the prototype in an iterative fashion. Marketing, sales, and manufacturing also begin to develop launch plans and manufacturing processes to support the new product.
5. Validation/Testing: This involves ensuring that the prototype works as planned and also testing the viability of the financial model for the product.
6. Commercialization/Product Launch: This is a broad step that includes production, distribution, marketing, sales, and customer support.

*Source: https://www.tcgen.com/product-development-process/

Product Development Example: Electric Car

Stage 1: Brainstorming and ideation – Company brainstorms the idea of an electric vehicle, which would save money on fuel and help the environment.

Stage 2: Research and idea screening – Team performs a proof-of-concept check to verify that the electric car is feasible. Team consults with engineering and marketing to determine technical aspects, cost of production, and resources. Team also conducts competitive research to determine if there are other electric vehicles currently on the market.

Stage 3: Concept and development – Team develops a concept that is centered around a reasonably priced 4-passenger electric car. The target consumers are families.

Stage 4: Prototyping and evaluation – Prior to finalizing the design, various prototypes of the electric car are developed and refined via alpha and beta testing.

Stage 5: Commercialization – The new electric car is introduced to market.

*Source: https://railsware.com/blog/new-product-development-process/