Product Development is the process of bringing a new product to market, encompassing everything from initial idea generation to final launch. It involves various stages, including market research, concept development, prototyping, and testing, ensuring that the product meets customer needs and business goals. Effective Product Development requires collaboration among cross-functional teams, including marketing, engineering, and design. By utilizing methodologies like Agile or Lean, companies can streamline their processes, reduce time to market, and enhance product quality, ultimately leading to greater customer satisfaction and business success.