Often the term “product development” is referred to as creating and developing products or services that feature different or newer characteristics. Product development can involve modifying a product or service or formulating a completely new product altogether.
In any case, the different products or services being formed are created to satisfy the needs or wants of a consumer or a specific niche.
When product development is mentioned in business discussions, it is usually referring to NPD, or new product development. New product development is the entire development process from start to finish, and it involves the introduction of a new product into the market.
There are normally two distinct methods of product development. The first involves detail engineering, idea generation, and product design, while the second involves market analysis and research.
Market Requirements Document - The purpose of this tool is to help you achieve product development approval by: defining the product & target market segment; determining market & opportunity size; documenting customer/prospect needs; analyzing competitive solutions; and building a business case for the development of your product.
Product Development Priority Index - use this tool to evaluate product development initiatives according to their feasibility, attractiveness, fit, & risk.
Product Development Process Diagram – Use this presentation to communicate the 5 key stages of product development, define checkpoints for go/no-go decisions, and document required deliverables.
Product Development Evaluation Matrix – Use this tool to evaluate new products that are currently in development.
Product Requirements Document - The purpose of this tool is to provide the product development team with the business requirements they need to build the right product for the market. This document includes: market requirements document, product development schedule, and product sanity-check (contract).
Product Development Charter - The purpose of this tool is to facilitate the development of a Product Development Charter. A Product Development Charter is a helpful tool for communicating proposed Product details and making resource allocation decisions.
Product Development Schedule - Use this tool to create a work breakdown structure for new product developments.
