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In the third stage of the product development process, you’ll continue to design and develop your product or service to prepare for testing and full-scale production.

The second step in the product development process includes building a business case. During this step, you’ll define and further analyze your product as well as create a project plan. This step is the most important in the product development process and will take time to do it right.

It’s critical to understand early in the product development process whether a product or service is feasible for your company. Program scoping—the first step in the product development process—involves discussing and understanding your proposed product or service at a high level with minimal investment.

As many as 85% of new products launched each year will fail, resulting in a massive loss for the company. The other 15% succeed due to proper preparation and planning before the launch.