Product development methodologies are used to build many new offerings. It encompasses all stages required to bring a new experience to end-users from ideation and analysis to design, engineering, and testing.
A clear product development process gives companies a way to explore new product ideas and learn what customers want in the early stages of conceptualization. The objective is to ensure that the new or enhanced product satisfies a real customer need and helps the company reach business goals.
It is the complete process of delivering a new product or improving an existing one for customers. The customers can be external or internal within a company.