Product development is the creation and improvement of goods or services through research, design, and innovation processes. It involves transforming ideas into tangible products that meet consumer demands and preferences.
Related terms
Research and Development (R&D): Research and development activities involve scientific investigation and experimentation aimed at discovering new knowledge for application in future products or processes.
Prototype: A prototype is an early model or sample built to test and evaluate a concept before mass production. It helps identify design flaws and gather feedback for further improvements.
Market Testing: Market testing involves introducing a product to a selected group of consumers to gather feedback and assess its viability before a full-scale launch.