What does product development mean?
Definitions for product development
prod·uct devel·op·ment
This dictionary definitions page includes all the possible meanings, example usage and translations of the word product development.
Princeton's WordNet
product developmentnoun
improving an existing product or developing new kinds of products
Wikipedia
product development
In business and engineering, new product development (NPD) covers the complete process of bringing a new product to market, renewing an existing product or introducing a product in a new market. A central aspect of NPD is product design, along with various business considerations. New product development is described broadly as the transformation of a market opportunity into a product available for sale. The products developed by an organisation provide the means for it to generate income. For many technology-intensive firms their approach is based on exploiting technological innovation in a rapidly changing market. The product can be tangible (something physical which one can touch) or intangible (like a service or experience), though sometimes services and other processes are distinguished from "products". NPD requires an understanding of customer needs and wants, the competitive environment, and the nature of the market. Cost, time, and quality are the main variables that drive customer needs. Aiming at these three variables, innovative companies develop continuous practices and strategies to better satisfy customer requirements and to increase their own market share by a regular development of new products. There are many uncertainties and challenges which companies must face throughout the process.
ChatGPT
product development
Product development is a business process, encompassing a series of steps, that involves conceptualization, design, creation, testing, and launching a new product or improving an existing one. It is aimed at meeting specific customer needs or market opportunities while providing a competitive advantage for the business. This process may include market analysis, product design, engineering, prototyping, testing, and marketing.
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Numerology
Chaldean Numerology
The numerical value of product development in Chaldean Numerology is: 9
Pythagorean Numerology
The numerical value of product development in Pythagorean Numerology is: 3
Examples of product development in a Sentence
We recognize that patients with cancer constitute a vulnerable population at risk of contracting the coronavirus disease, in this critical time, we remain steadfast in our commitment to patients with cancer and doing everything we can to expedite oncology product development. Tukysa was approved four months prior to the The FDA goal date, providing an example of this commitment and showing how our regular work in reviewing treatments for patients with cancer is moving forward without delay.
Historically we did not focus on these markets, but now we have dedicated teams both commercially and technical (engineering/product development) to develop these markets further.
The knowledge of the taskers and their interaction will be some sort of asset for us in the future for feedback for product development, that was not part of the strategy but that's something we are going to explore.
We will have the input of not just the sales people but also those from product development, technical people and marketing.
Chief Executive Takahiro Hachigo:
Our appointment of a new head of the R&D center is intended to position R&D at the center of all product development, and make it responsible for the design and performance of each and every vehicle.
Translations for product development
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"product development." Definitions.net. STANDS4 LLC, 2024. Web. 25 Apr. 2024. <https://www.definitions.net/definition/product+development>.
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