product development

  

Definition

The creation of products with new or different characteristics that offer new or additional benefits to the customer.

Product development may involve modification of an existing product or its presentation, or formulation of an entirely new product that satisfies a newly defined customer want or market niche.


Use product development in a sentence

  • Proper product development ensures the end product will support all requirements while meeting all codes required of particular type of product.

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  • The product development specialist was increasing their support of our project so we used their data to complete the project.

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  • In the middle of product development, it was found that one of the metals used in the alloy was of insufficient quality, much to the detriment of the company; unfortunately all of those pieces will have to be scrapped and remade.

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Notable Quotes

  • Surf Ahead of the Wave
    "Sometimes you need to surf ahead of the wave. The more thoroughly the prospects of a startup can be researched, the more competition it will face. If you're not launching a space shuttle, you don't need to plan every detail in advance. Figure out what you can based on the available evidence, and launch a beta version of your product or service as early as possible."
    - Tom Murcko

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