Product development is the disciplined process of conceiving, designing, and bringing a new product to market. It involves a series of steps including market research, idea generation, concept development, prototyping, testing, and commercialization. Throughout this process, cross-functional teams collaborate to ensure the product meets customer needs, aligns with business goals, and adheres to quality standards. Effective product development requires a balance between innovation, feasibility, and market demand to create successful products that delight customers and drive business growth.