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Key takeaways

• Product development is the process of taking a product from concept to market.

• It typically involves working through several different product development stages, all of which are important for creating a successful product.

• Pursuing a career in product development typically requires a combination of creativity and strategic thinking.

Discover the different stages you'll move through in the process of developing a product. Afterward, if you're interested in building your skills in this area, consider enrolling in the IBM Product Manager Professional Certificate.

What is product development?

Product development is the journey a product undertakes from the initial idea through design, development, and commercialization, ultimately reaching customers. It can include the creation of new products or the enhancement of existing ones; either way, its intended purpose is to increase the company's market value. The different stages are crucial to the success of a newly developed product.聽

7 stages of product development

Several key stages are crucial to the development of a product.

1. Ideation

The first step of the process involves brainstorming and design thinking, either for a new product or to enhance an older product. In addition to brainstorming, this stage involves conducting market research to assess the plausibility of your new product, its potential competition, and whether it is in high demand.聽

2. Concept development

The next stage of the process is concept development. This step refers to you and your team deciding whether the product will meet the needs you expect it to. You may want to ideate a few different potential products to attract your target audience. You must also determine if your product is the solution to a market problem or demand.聽

3. Prototyping

Your next step is to begin prototyping your product. This refers to the development of concept products that will act as a stand-in for the real thing. A prototype can be a drawing, computer rendering, or first attempt at the product; any sort of initial markup will allow you to test its feasibility.

4. First design

The first design refers to the second stage of prototyping, which is a minimal viable product (MVP). The initial design will typically utilize the materials of the envisioned final product and serve as a functional prototype that can perform all the same actions as the final product. This design can take a few tries to create, as it is more realistic than the prototype.

5. Testing

Now that you have created your initial design from the prototype, you can begin testing the product. Prototypes and MVPs allow you to run tests on the products to determine if it has any issues that need fixing before their market release. You will need to ensure that your product is functional and stable for launch by checking the quality of the materials or software.

6. Final design

Once you have successfully tested your product and assured its quality level, you can create the final design. You should be continuously improving your product based on customer feedback from testing trials and market research in preparation for its official release.聽

7. Product release

Finally, you release your product to the market. Ensure your customer support, sales, and marketing campaigns are all in order before launching your product. You will need to determine which channels will be most beneficial for promoting your product to the public and continue to track and measure its success after the release.聽

Why is the product development process important?

The product development process is important because, without it, the product would not have the proper framework to ensure its readiness for market release. This process is essential for the product to even begin. It guarantees increased customer satisfaction because its purpose is to enhance or design products specifically made for customers鈥� needs and to increase the company鈥檚 market share.聽The following is a step-by-step guide on product development.

Product development stages vs product life cycle

There may be some overlap between the different stages involved in product development and the product life cycle. However, the key difference is that product development focuses on the creation process before and up to launch, while the product life cycle describes the entire journey of a product in the market from introduction to decline. Another way to think about it: Product development ends where the introduction stage of the product life cycle begins.

Key skills to succeed in product management

There are many different types of product management jobs to explore, such as product manager and product marketing manager. Each of these will require a unique skill set, but generally, some of the skills you'll need to succeed in product management include a blend of the following technical and workplace skills.

Technical skills:

• Market research and competitive analysis skills

• Data analysis and interpretation

• Business acumen and financial literacy

• User experience (UX) and user interface (UI) design principles

• Agile methodologies and product development processes

• Continuous learning and adaptability to new technologies

Workplace skills:

• Strategic thinking

• Customer-centric mindset

• Leadership

• Collaboration

• Prioritization

• Creativity and innovation

• Critical thinking and attention to detail

• Time management and multitasking

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