Product development

Product development is a process allowing to materialize concepts, to concretize objects, goods, equipements, or to create services, technique different from those already existing, and which propose answers to satisfy collective or paticular needs in order to bring benefits to users. In other words, product development is a process bringing a product  from concept through market release, with the aim of offering answers to collective or particular needs. 

This process is composed of various stages. Although it is not always, the same steps for every organazation, there are common stages throught which products typically progress: 

• Identifying market need : Identify a problem that needs solving : conversations with potential customers, surveys, and other research activites 

• Quantifying the opportunity : Determining the amount of people and companies this product can be beneficial to and if they are willing to pay for it* Conceptualizing the product : Structure an idea into a detailed conceptBuisness analysis : Listing the cost and profits of the new product 

• Building a roadmap: Identifying which themes and goals are central to develop first to solve the most significant pain points 

• Developing MVP (minimum viable product): Developing a sample of the product. This initial version of the product needs just enough  functionality to be used by customers 

• Market testing/release MVP to users : The product is tested to a trial run, this will allow to get feedback, complaints and suggestions but also bring interest to potential customers. 

• Commerzialisation : Introducing the product to the public

• Evaluation: Research to monitor the progress of new service offering in relation to organizational goals.