What is product development cycle? 5 stages and examples
The product development cycle is a series of stages that a product goes through, from the initial idea to product launch and evaluation. This cycle helps companies design, develop and introduce products in a systematic way.
Below are the 5 main stages of the product development cycle, along with examples of each stage:
1. Ideation (Idea Generation)
Definition:
The initial stage where the team generates product ideas based on
market needs, innovations or business opportunities.
Example:
Tech companies saw high demand for light, powerful laptops and devised ideas for ultra-thin laptops with long-lasting batteries.
2. Concept Development (Concept Development)
Definition:
At this stage, the initial idea is expanded into a more concrete concept, including product descriptions, target markets, and marketing strategies.
Example:
The team defined the laptop concept with key features: an OLED screen, a weight of less than 1 kg, and a competitive price for young professionals.
3. Prototyping & Testing (Prototype and Testing)
Definition:
Building
prototypes (initial models) to test product functionality, design and quality before mass production.
Example:
The company produced several prototype units of the laptop and tested performance, durability, and early user response.
4. Launch (Product Launch)
Definition:
The stage of introducing a product to the market through an official launch with marketing, promotion and distribution strategies.
Example:
The laptops were launched at major tech shows with advertising on social media, collaborations with tech influencers, and special pre-order discounts.
JOIN IN HERE :
Situs Bandar QQ Online
5. Evaluation & Improvement (Evaluation and Improvement)
Definition:
Collect customer feedback to improve the product or plan the next version.
Example:
After launch, the company received complaints about battery performance and rolled out a firmware update to improve power efficiency.
This cycle allows companies to create products that are relevant, high quality and meet market needs. The example can be applied to many industries, such as technology, food, or automotive.