Understanding the Product Development Process -Concept to Market

Every product goes through a life cycle that involves its inception, an increase in growth, a steady maturity and an eventual decline. This process takes place continually as more products face an inevitable decline and need to be removed. This always serves as a challenge for companies because they have to develop new products in place of old declining products to stay successful in the market. However, the process is not as straightforward and the odds are heavily against them. In this post, we go through the product development process in detail. We discuss the steps in the process, the teams involved in the process and how can you have better chances at launching a successful product.

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