What is Product Development? Definition or Meaning

Product development is the process of conceptualising, designing, prototyping, refining and marketing a new product or an improved version of an existing product. Product development may be necessary to respond to changes in customer preferences, market conditions or to bring a new idea to life.

For example…

Misha has had a brilliant idea. She believes she has a safer alternative to the traditional hoverboard Integrated with virtual reality or VR glasses, it will simulate hoverboarding outdoors, eliminating risks associated with its traditional form. To make the product a reality, Misha begins a product development process, where she works with industrial designers, VR consultants and marketing experts to design and produce the hoverboard. She also conducts qualitative market analysis to understand the market demand and concerns. The cycle helps her further refine her idea, solve potential problems before they arise and create a prototype she can test before commercialising it.