Question

Demonstrate an understanding of the product development process?

Answer 1

The product development process encompasses all steps needed to take a product from concept to market availability. This includes identifying a market need, researching the competitive landscape, conceptualizing a solution, developing a product roadmap, building a minimum viable product, etc.

The founders of Airbnb had neither a business nor funding, but they intuitively understood one of the most important elements of successful product development: validate your product concept before you begin production.

Airbnb
They tested their idea for peer-to-peer rental housing online by posting the details of their own apartment and offering it as a short-term rental. When several users signed up to stay in the founders’ home, they knew they had a viable product idea.

Crystal Pepsi
PepsiCo made a critical mistake when they introduced Crystal Pepsi — the new soda they marketed as healthier than their other soft drinks. The company failed to validate their concept before its market launch. Because they didn’t gather enough early feedback from their target customers, or use a soft launch to validate the product with early adopters, Pepsi’s management was blindsided when their full-scale release of Crystal Pepsi proved a failure.