What is Product Development in Marketing?

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.

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