Product development covers all aspects of
production innovation, from conceptual thinking to delivering products to
customers. When an existing product is modified to generate new interest, these
phases validate the potential success of the modification in generating
business. Having a strong product development strategy can support your
business in turning ideas into profitable products and then modifying them to
stay competitive in the marketplace. Your product development strategy can
reveal areas for improvement and which approaches are most successful. To get
the most out of your product development strategy, consider how you can apply
various techniques to each step and adapt them to your past experience.
