Design & Development Knowledge Base
Product Development Plan
A product development plan explains how you are going to develop a product to meet a market need. A Product Development Plan is an essential part of a business plan. It includes how you will design, prototype, manufacture, and test a product to ensure that it meets the market requirements. The product development plan will also estimate the costs for development and the estimated production costs.
A product development plan is a crucial part of acquiring funding from outside sources like angel investors, venture capitalists, etc. Potential investors want to know that the product is developed the right way, and how their investment money will be used. The product development plan details all of that information in an effective manner.
See also: Product Development
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