As an Amazon Associate I earn from qualifying purchases.

What is Product Development in Marketing? PDF Download

Learn Product Development definition in marketing with explanation to study “What is Product Development”. Study product development explanation with marketing terms to review marketing course for online MBA programs.

Product Development Definitions:

  1. Company growth by offering modified or new products to current market segments.

    Principles of Marketing by Philip T. Kotler, Gary Armstrong



  2. Developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering.

    Principles of Marketing by Philip T. Kotler, Gary Armstrong



Product Development Explanation:

Item advancement, additionally called new item the executives, is a progression of steps that incorporates the conceptualization, structure, improvement and showcasing of recently made or recently re-marked products or administrations. The target of item improvement is to develop, keep up and increment an organization's piece of the overall industry by fulfilling a purchaser request. Only one out of every odd item will interest each client or customer base, so characterizing the objective market for an item is a basic segment that must occur right off the bat in the item advancement process. Quantitative statistical surveying ought to be directed at all periods of the plan procedure, including before the item or administration is imagined, while the item is being planned and after the item has been propelled. Despite the fact that item improvement is innovative, the order requires a deliberate way to deal with guide the procedures that are required to get another item to advertise.

Keep Learning Marketing Explanations

What is Customization?

Customization describes the stage of marketing in which companies tailored products according to the needs and demands of the targeted ...

What is Market Segment?

Market division makes it simpler for advertisers to customize their showcasing campaigns. By masterminding their organization's objective market into divided ...

What is Branded?

It is used to create brand equity by taking the help of sports, music, special events, arts, and other entertainment ...

What is Agent?

The one who deals with buying and selling of the products, they seek to bring buyer and sellers together and ...

What is Microsite?

One of the most every now and again hurled around terms in the substance promoting vocabulary is "microsite." If you ...

What is Societal Marketing?

The cultural advertising is a showcasing idea that holds that an organization should settle on promoting choices not just by ...