What Is the Product Development Process? - Lesson & Quiz

Instructor: Shawn Grimsley
You have to develop a product before you can sell it. In this lesson, you'll learn about the product development process. You'll also have an opportunity to take a short quiz after the lesson.

Definition

Product development is a process whereby a business identifies an opportunity in the market for a product and then designs, tests, and introduces the product to the market.

Product Development Process

As you can see from the definition, there are four steps in the product development process. Let's take a quick look at each step.

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