What is Product Development?
Product development definition: product development is the continuous improvement and modification of a product or service.
Product development looks to improve a product, or customer’s experience, through the addition of new:
- Features
- Benefits
- Presentation
- Versions
These changes are typically driven by customer feedback, often provided by early adopters, industry influencers, or users with a high net promoter score.
A simple example would be:
- Audi wants to improve its Audi TT car.
- They ask for feedback about the current version.
- Customers say:
- “It uses too much fuel”
- “It is hard to park”
- “I can’t fit my golf clubs in the trunk”
- They use the feedback and make changes such as:
- Increased fuel economy
- Additional parking sensors
- More storage space
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Additional resources about Product Development
- What is Product Development?
- Product research: the key to building a product people will love
- The 7 Steps of Effective Product Development
- How to Develop a New Product (From Concept to Market)
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