What is product development?
Product development is the complete process of delivering a new product or improving an existing one for customers. The customers can be external or internal within a company. And it can support many different types of products from software to hardware, to consumer goods and services.
Product development methodologies are used to build many new offerings. In this article, we are going to focus on its impact on software development for paying customers. It encompasses all stages required to bring a new experience to end users — from ideation and analysis to design, engineering, and testing.
A clear product development plan gives companies a way to explore new product ideas and learn what customers want in the early stages of conceptualization. The objective is to ensure that the new or enhanced product satisfies a real customer need and helps the company reach business goals.
Product managers are responsible for guiding the success of a product. This starts with setting strategy and building the product roadmap. But product managers also guide a cross-functional team as part of the product development process. This team includes design, engineering, marketing, IT, sales, support, and finance. This kind of cross-functional alignment helps organizations deliver a Complete Product Experience.
