Why is AGILE Product Development Process So Popular?
Rajeshwari Krishnamurthy
kHUB post date: January 29, 2021
Read time: 15 minutes
Access the Full Article
Product development typically refers to all the stages involved in bringing a product from concept or idea, through market release and beyond. In other words, product development incorporates a product’s entire journey, including:
- Identifying a market need
- Conceptualizing and designing the product
- Building the product roadmap
- Developing a minimum viable product (MVP)
- Releasing the MVP to users
- Iterating based on user feedback
Product development may involve modification of an existing product or its presentation, or formulation of an entirely new product that satisfies a newly defined customer want or market niche.
Innovative new products are the fuel for the most powerful growth engine you can connect to. You can grow without new products--AT&T sold essentially the same telephones for decades while becoming the world's largest telecommunications concern--but most small companies will find it difficult to grow at all, much less rapidly, without a constant stream of new products that meet customer needs.
Cost, time, and quality are the main variables that drive customer needs. Aiming at these three variables, innovative companies develop continuous practices and strategies to better satisfy customer requirements and to increase their own market share by a regular development of new products. There are many uncertainties and challenges which companies must face throughout the process. The use of best practices and the elimination of barriers to communication are the main concerns for
the management of the NPD .
This article will help us with all required information on how AGILE methodology has become a successful strategy in Product Development.