Product

A product is a tangible or intangible offering created by a company or individual to fulfill a need or want of customers. It can be a physical object, such as a smartphone, a piece of clothing, or a household appliance. It can also be a service, such as a software application, a transportation service, or a consulting service. Products are designed and developed to provide value, solve problems, or satisfy specific user requirements.

While closely related, a product and a brand are distinct concepts. A product refers to the tangible or intangible offering itself, such as the physical item or service being provided. On the other hand, a brand encompasses the overall identity, reputation, and perception associated with a product, including its name, logo, values, and messaging. A brand represents the emotional and psychological connection that consumers have with a particular product or company.

The product development lifecycle refers to the stages involved in bringing a new product from conception to market. It typically includes stages such as idea generation, market research, concept development, prototyping, testing, production, and launch. Each stage involves specific activities and considerations, such as refining the product concept, conducting market analysis, creating prototypes, testing for functionality and usability, and finalizing manufacturing processes. The product development lifecycle ensures a systematic approach to developing and launching new products, reducing risks, and maximizing the chances of success.