Product Development Strategy

Definition of Product Development Strategy

A plan for creating and bringing new products to market.

Explanation of Product Development Strategy

A product development strategy is a plan for creating and launching new products or improving existing ones to meet customer needs and achieve business goals. This strategy involves identifying market opportunities, defining product features, and developing a roadmap for bringing the product to market. Key steps in a product development strategy include market research, concept development, design and prototyping, testing, and commercialization. Successful product development requires collaboration across various departments, such as research and development, marketing, and sales. By implementing a well-defined product development strategy, businesses can innovate, stay competitive, and respond to changing customer demands. This approach helps companies introduce new products that drive growth, enhance customer satisfaction, and increase market share. Regularly reviewing and updating the product development strategy ensures it remains aligned with business objectives and market trends.

This dictionary entry was written by

Per-Gulbrand Peter Braathen

With a foundation in doctoral-level research, Per-Gulbrand Peter Braathen is a seasoned expert in the areas of marketing, branding and communication. His proficiency extends to marketing management, branding and communication strategy. Braathen's experience is underscored by his rich background from various industries, including entertainment. A distinguished alumnus of the USC Marshall School of Business, Braathen boasts a Master of Science in Marketing, complemented by a Graduate Certificate in the Business of Entertainment from the USC School of Cinematic Arts as well as two undergraduate Bachelor degrees from the esteemed University of Southern California.