Product development is the end-to-end process of delivering a new product or improving an existing one. Product development aims to develop, sustain, and improve a business's market share by addressing consumer demand. Product development is a creative and yet scientific process.
A Product goes through four primary stages - introduction, growth, maturity and decline. If one breaks down these four stages further, there are seven stages - conceive, plan, develop, iterate, Launch, steady and maintain/kill. A clear product development roadmap considers the various stages that the product goes through and sets precedence for validated learning.
At each stage of a product, start-ups and businesses face different sets of challenges. Various frameworks help start-ups and enterprises overcome these challenges.
The fuzzy Front-end (FFE) approach advocates using five elements of product development, and they are:
Identification of product definition: Define the problem, define the solution.
Idea Analysis: Put the idea through validation experiments, Such as sniff test, competitor analysis, market research and feasibility study.
Concept genesis: Put the learnings from the "Idea Analysis" step to work and develop a solid concept.
Prototyping: Develop wireframes, solidify core functional aspects, build mock-ups and adapt and deliver rapid prototyping.
Product Development: Build the product based on validations from the "prototyping" stage.