A product is something that can be marketed to customers since it provides a benefit and satifies a need. It can either be a physical good or a service. Four major categories of product development are, new-to-the-company, improvement of existing product, extension of product line, and new-to-the-market.
Product ideas can come from anywhere. It is important to think of product ideas that customers would want or need. Ideas can turn into a business opportunity when it has commercial potential. Products provide customers with 4 types of utility or benefit: time utility, place utility, ownership utility, and form utility. It is also important to understand the industry your product fits in. Do some research on the industry and ask people in the industry about it. Also when it comes to research, also look up similar product sales to help forecast sales for your product idea.
Below is the product development process.