What is Product Development?
The Product Development function is responsible for generating ideas related to new products or services, assessing their viability, and bringing them to market. Companies typically see product development as the first stage of generating and commercializing a new product or service within the overall strategic process of product lifecycle management. With that said, their duties do not end when a new product is brought to market - Product Development teams are also responsible for maintaining and improving existing products to grow current market share. Modern Product Development involves ideation, research, design, testing, product positioning, competitive differentiation and several other facets essential to helping businesses keep up with market trends and changes in the industry landscape.
A typical product development function is composed of several common sub-functions, or teams, that work together to understand current market needs, design, develop and test new product ideas and bring products to market in order to improve the company's competitive position. Browse our Product Development organization chart page to learn about the roles and responsibilities of each major function. Then, download our org chart template (PDF, Visio, PPT) to further understand product development organizational structure, and support improvement efforts within product development operations.
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Check out our product development best practices page to view selected descriptions of work methods that have been proven to produce better results (as compared to other, similar methods). Want more? Download our Product Development best practices guide, which provides a healthy selection of valuable best practices that can be incorporated to improve product development operations. There might not be only one "best" way to perform every task. However, there is always a "better" way.