Product development, also known as new product launch and management, is a progressive steps that includes the conceptualization of ideas, user friendly designs for better user experience, development of product and marketing of newly created/developed product.

The objective of product development is to encourage, grow the company's market share of business by satisfying it’s consumer’s demand. Not every product will fetch the interest of every customer or client base, so identifying the target market for a product is also a critical segment that can’t take place early in the product development process.