Product development process and life cycle
Product development process refers to the series of activities that a company must go through to bring a new product to market. This process typically includes ideation, design, prototyping, testing, and commercialization. The product life cycle refers to the stages a product goes through from its introduction to the market to its eventual decline. These stages include introduction, growth, maturity, and decline. Understanding the product development process and product life cycle is critical for companies to successfully develop, launch, and sustain a product in the market. Companies must continually innovate and improve their product offerings to stay competitive, which means managing new product development and product life cycles is an ongoing process.
This mind map was published on 18 May 2023 and has been viewed 58 times.
