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product development is that of a highly dispersed process that capitalizes on the skills and insights of people and organizations spread throughout the entire world. However, the benefits of dispersion come at a cost.
Product development is the process of creating a new product that offers new benefits for the consumers. 1  You can either create a completely new product or modify and improve an existing one. You may do this to target a different audience or market category. The process includes: 2  Generating the ideas. 3  Screening the ideas.