Product Development

Product development is the set of steps to create a product and take it to market. The process usually starts with an idea, then moves on to creation, and finally deployment. It usually involves some degree of market analysis and testing, which can help identify market niches and hone the product idea. Managers overseeing product development need to have a diverse range of skills, including understanding and analysis of market trends, consumer habits, research and development, and pricing. Product development often starts with a SWOT analysis, which includes identifying the strengths, weaknesses, opportunities, and threats of a new product.