What is product development?

What is product development?

It is a stage in the new product development process, wherein the existing product goes through further necessary improvements or any modifications . New versions of the same product may be devised under product development. The product may be rebuilt using innovative means or using the latest technology which can create a breakthrough in the market. Sometimes product development may also act like an ‘old wine in a new bottle’, as in case of Ayur cosmetics, which underwent major changes in their packaging . Initially their packaging was ordinary and quite dull, but as of now they have glamorised their products with attractive packaging and product design.