Product Development Cycle

The Product Development Cycle is the process a company uses to create and launch a new product. It typically involves several stages: starting with idea generation, then designing and planning the product, developing and testing prototypes, refining the product based on feedback, and finally launching it to the market. After launch, companies monitor performance and gather customer feedback to improve future versions. This cycle helps ensure the product meets customer needs, functions well, and is successful in the marketplace through careful planning, testing, and adjustments.