Product development is the process of designing, creating, and bringing new products to the market. It involves concept development, market research, design and engineering, prototyping, testing, and commercialization. Product development teams work together to innovate, improve existing products, and meet consumer needs and preferences. This iterative process requires collaboration, creativity, and a deep understanding of the market and consumer behavior. The goal of product development is to create successful products that generate value for both the company and its customers.