The Product Development Process is a series of steps that companies follow to create new products or improve existing ones. It typically begins with idea generation, where teams brainstorm potential concepts based on market needs and customer feedback. This is followed by research and analysis to assess feasibility and market demand. Once a viable idea is selected, the process moves into design and development, where prototypes are created and tested. After refining the product based on testing results, it enters the final stages of production and marketing, ultimately leading to its launch in the market.