Product development, also called new product management, is a series of steps that includes the conceptualization, design, development and marketing of newly created or newly rebranded goods or services. The objective of product development is to cultivate, maintain and increase a company's market share by satisfying a consumer demand. Not every product will appeal to every customer or client base, so defining the target market for a product is a critical component that must take place early in the product development process. Quantitative market research should be conducted at all phases of the design process, including before the product or service is conceived, while the product is being designed and after the product has been launched.
Although product development is creative, the discipline requires a systematic approach to guide the processes that are required to get a new product to market. Organizations such as the Product Development and Management Association (PDMA) and the Product Development Institute (PDI) provide guidance about selecting the best development framework for a new product or service. A framework helps structure the actual product development.