Product development is the process of creating new or improved products through research, design, prototyping, testing, and commercialization. This process involves identifying the needs and preferences of the target customers, researching the market, and developing a product concept that meets those needs. The product development cycle includes several stages, including ideation, research, concept development, design, prototyping, testing, evaluation, and launch. Effective product development involves collaboration between cross-functional teams, such as product managers, designers, engineers, marketers, and manufacturing professionals. The ultimate goal of product development is to create successful products that meet customer needs, differentiate from competitors, and achieve business objectives.