Product Development

A product’s target market must be determined early in the development process because not every product will appeal to every customer or client base.

strategy

Product Development Strategy

Conventional strategy development relies on the assumption that markets and industries are stable, but in reality, most organizations do not operate in this way these days. Globalization is changing many organizations’ external environments by posing new risks and opportunities that they cannot ignore, and traditional strategy approaches fall short in addressing these concerns.

Therefore, a new approach to strategy is required, one that can deal with change, uncertainty, and adaptation for product development. We suggest the s2m Strategic Framework TM as an alternative approach that takes these factors into explicit consideration.

Stages

Product Development Stages

From a corporate perspective, product development aims to meet customer demand and grow a company’s market share. From a customer perspective, it ensures value in the product as a high-quality good or service.

There is a general process that can help you get started with the process. The product development process describes the six steps needed to take a product from initial concept to final market launch. These include identifying a market need, researching the competition, ideating a solution, developing a product roadmap, and building a minimum viable product.