Product Development

In business and engineering, new product development covers the complete process of bringing a new product to market, renewing an existing product or introducing a product in a market. It requires an understanding of customer needs and wants, the competitive environment, and the nature of the market.

Cost, time, and quality are the main variables that drive customer needs. Aiming at these three variables, innovative companies develop continuous practices and strategies to better satisfy customer requirements and to increase their own market share by a regular development of new products.

In the world of Open Source, the same process should be followed although some of the constraints may be a bit different as the driver for selling the product is not as relevant. Identifying customer needs, understanding how what you make fits into the existing landscape and cost (i.e. your time spent on the project) will help you find success.

Product Life Cycle

A product life cycle is the length of time from a product first being introduced to consumers until it is removed from the market.

Introduction

Developing a market strategy, usually through an investment in advertising and marketing to make consumers aware of the product and its benefits

Growth

Growing demand promote an increase in production and the product becoming more widely available

Maturity

Established in the marketplace and so the cost of producing and marketing the existing product will decline

Decline

Emulation of your success with additional product features or lower prices and new innovations that supersede your existing product