Working...
Product Development
It is vastly easier to identify market problems and solve them with technology than it is to find buyers for your existing technology. Product development identifies a market problem, quantifies the opportunity to make sure it’s big enough to generate profit, and then articulates the problem to the rest of the company.
Typically, product developers will bear profit-and-loss responsibility for the product, carrying out tasks such as forecasting sales, training the sales team, and gathering, interpreting and relaying customer feedback to engineering. Product development is responsible for product planning, product strategy and requirement planning. Product development often has profit and loss responsibility and takes on the task of training sales and communicating internally about the product launch. You need product development if you want low-risk, repeatable, market-driven products and services.
Product development professionals are under pressure to make fast, informed decisions in critical areas such as competitive analysis, product forecasting and pricing. Product development is neither R&D nor sales but helps bridge the gap between the two. Product development often jokes that it isresponsible for everything and has authority over no one. Product development can be an exciting, dynamic place to work in any business. As the voice of the customer, product developers lead the process of maintaining and improving products, and developing new ones.