Although product development is creative, the discipline requires a systematic approach to guide the processes that are required to get a new product to market.
Organizations such as the Product Development and Management Association (PDMA) and the Product Development Institute (PDI) provide guidance about selecting the best development framework for a new product or service
Identification of design criteria -- involves brainstorming possible new products. Once an idea has been identified as a prospective product, a more formal product development strategy can be applied.
Idea analysis -- involves a closer evaluation of the product concept. Market research and concept studies are undertaken to determine if the idea is feasible or within a relevant business context to the company or to the consumer.
Concept genesis -- involves turning an identified product opportunity into a tangible concept.
Prototyping -- involves creating a rapid prototype for a product concept that has been determined to have business relevance and value. Prototyping in this front-end context means a "quick-and-dirty" model is created, rather than the refined product model that will be tested and marketed later on.
Product development -- involves ensuring the concept is viable and has been determined to make business sense and have business value.