product-development

Vocabulary Word

Definition

'Product-development' involves creating a new product or improving an existing one. It starts with an idea and ends when customers can buy and use this product or service.

Examples in Different Contexts

In the consumer goods sector, 'product development' refers to the creation of new products or improvements to existing ones, aimed at fulfilling consumer needs and preferences. A product manager might explain, 'Our product development efforts focus on understanding market trends and customer feedback to deliver products that resonate with our target audience.'

Practice Scenarios

Startup

Scenario:

We need something that truly sets us apart from other eco-friendly startups. Any innovative ideas for our offerings?

Response:

Perhaps we can venture into product-development with a fresh approach, like a multi-purpose cleaning solution that is not only eco-friendly but also budget-friendly.

Tech

Scenario:

We need to update our software to ensure greater security and user experience. Any thoughts on the enhancements we should look into?

Response:

We should dive into product-development to boost our software. Let's consider adding advanced security features and improving user interaction.