Publisher Summary Product development is the overall process of conceptualizing a product and designing, producing, and selling it. Successful companies in the business world constantly operate in a state of innovation in terms of products they manufacture, frequently introducing new products or modifying and improving existing products as needed and desired by the customers. chapter discusses the initial steps and attributes of a successful product development process, the commonality among successful new products, steps necessary to develop a successful portfolio of products, identification of customer and market needs, and development of plans for a new product development. The key in the process is the information that indicates what people want, what features of the product are considered absolutely essential, what price they are willing to pay for it, what features are desirable but can be sacrificed for a lower price, current and potential competitors, and likely changes in the market size. A step-by-step procedure for developing new-to-market products is described. The critical steps in this procedure include developing a consumer and market-friendly business strategy, identifying consumer needs, and recognizing market conditions. The outcome of the process is a concise, preferably a single page, product development plan. This overall process requires the participation of a number of individuals with a multitude of expertise. One individual single-handedly cannot accomplish this task of successful product development.