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Product Development and Realization
Product Development and Realization can be described by the following definitions:
Product came from the term "production" which means "to make something new" and stems from the word "producere" ("to lead forward"). From a broad viewpoint, production is a creation of utility, including tangible goods (products) and tangible services.
Product development requires the basic tasks of product design, design review, component design, test design, manufacturing planning process and environmental analysis review. Source: Handbook of Design, Manufacturing and Automation. TS 183 H36 1994
Product development is the "creation of products with new or different characteristics that offer new or additional benefits to the customer. It may involve modification of an existing product or its presentation, or formulation of an entirely new product that satisfies a newly defined customer want or market niche." Source:http://www.businessdictionary.com/definition/product-development.html
Product development is the "overall process of strategy, organization, concept generation, product and marketing plan creation and evaluation, and commercialization of a new product." Source:http://www.entrepreneur.com/encyclopedia/term/82414.html
Product development is a broad field of endeavor dealing with the design, creation, and marketing of new products. Sometimes referred to as new product development (NPD), the discipline is focused on developing systematic methods for guiding all the processes involved in getting a new product to market. Source: http://searchcio-midmarket.techtarget.com/sDefinition/0,,sid183_gci953429,00.html
