Product Development Lift Cycle: all essentials you should know about the product making.
Product development, also called new product management, is a series of steps that includes the conceptualization, design, development and marketing of newly created or newly rebranded goods or services. The objective of product development is to cultivate, maintain and increase a company's market share by satisfying a consumer demand.
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. A framework helps structure the actual product development adn bring out the best but with the least effort and in a better planned manner.
What people used to follow before was
- They got information from the customer.
- Next, they started started thinking how a this product can be developed.
- Then they used to start the development of the product.
- Then the testing phase and at last.
- The release.
But where is the space of any mistakes or where is the place where the developer adds the changes given by the customer.
Then people developed more models or frameworks like Waterfall model, V model, Iterative model, etc.
But For modern developers, these models felt constricting, regulated, and too slow moving as these method spent a huge amount of time and effort upfront gathering resources and planning with a lot of key decisions based purely on assumption.
Then came the concept of Agile.
Agile basically means moving quickly and easily.
Agile is a methodology of early delivering business value with less bureaucracy.
It is a collection of software development methodology which works on an iterative and incremental method building the software from the very initiation of the project development instead of building all the software at once.
It breaks down the procedure and gives the developer a short time period for covering all the differences made by the customer or if anything goes wrong in between then the team can cover it up in this time period. Agile discovers what the customer and how to build the code and change things along the way.
Agile has many different frameworks which are displayed below-