Product development is the process through which brands design, create, and execute a product and its corresponding marketing strategy.
The product development process takes several phases, including concept ideation, strategy creation, product manufacturing, and market launch. Importantly, much of this process takes place before the actual product is constructed.
To start, brands identify their goals for the product, including who it will serve and how it fits into the business’s overall brand strategy. Then, they involve key stakeholders — which can include target consumers — in an ideation process to refine product ideas.
From there, most brands secure any necessary funding, create a production timeline, and start building marketing plans for launching the product to a consumer segment. After that, they either work with a manufacturer to build it or complete product development in-house.
After launching the product, brands typically monitor sales and customer engagement data closely to ensure the product is performing well in the market. That information enables them to make strategic adjustments to drive more product usage.