Review:
Product Development Strategy
overall review score: 4.5
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score is between 0 and 5
Product development strategy refers to the plan and approach used by a company to develop new products or improve existing ones.
Key Features
- Market research and analysis
- Idea generation and screening
- Prototype development and testing
- Commercialization and launch
- Continuous improvement
Pros
- Helps companies stay competitive in the market
- Encourages innovation and creativity
- Guides the product development process efficiently
Cons
- Can be time-consuming and resource-intensive
- Success is not guaranteed, as market conditions may change unexpectedly