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The product development process encompasses all steps needed to take a product from concept to market availability This includes identifying a market need, researching the competitive landscape, conceptualizing a solution, developing a product roadmap, building a minimum viable productA product development process includes the entire set of activities through which a company invents, conceptualizes, develops and then launches a new product concept to the market New product development includes more than process It also includes innovation, product strategy, cross functional teams, and decisionmaking New Product Development (NPD) is the total process that takes a service or a product from conception to market New or rebranded products and services are meant to fill a consumer demand or an opportunity in the marketplace The steps in product development include drafting the concept, creating the design, developing the product or service New Product Development Process Steps Ppt Powerpoin