Product development process are the steps taken to conceive, design, and commercialize a product . Product development includes improvement to existing products, product line extensions, new product lines, and new-to-the-world innovations. Most successful companies are more likely to have some type of formal and well-structured product development process. People think of product development as a purely creative process, but in fact it is a process that involves specific steps, documentation, and improvement. This approach facilitates to: (1) make the decision process explicit, (2) ensures that all important issues are included in the discussions, and (3) structured processes are usually well documented, which helps as a future reference and to train new team members.
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