Product development process: The process of creating and launching a new product or service. The product development process typically includes the following phases: ideation, research, development, testing, launch, and post-launch.

Alternative Meanings:

Product Development Process
A disciplined and defined set of tasks, steps, and phases that describe the normal means by which a company repetitively converts embryonic ideas into salable products or services. (See Chapters 4 and 5 of The PDMA HandBook 2nd Edition.)