What Are Product Development Templates
Often the term “product development” is referred to as creating and developing products or services that feature different or newer characteristics. Product development can involve modifying a product or service or formulating a completely new product altogether.
In any case, the different products or services being formed are created to satisfy the needs or wants of a consumer or a specific niche.
The Most Common Problem Involved in Product Development
Receiving internal support for a new product development initiative can be challenging. The presence of that support or the lack of it can make or break the progress of a new product. The use of a product development template will enable you to establish a clearer scope, decision rights, and project sponsorship at the executive level. The template can be customized to target a new product initiative.
Additional Considerations
The product development template uses a Microsoft Word format so that you can accurately outline the proposed project plan and formulate a case for moving with a project. The product development template contains pre-populated examples of what charters may look like. You can add, change, or delete items to the document.
Considering the Primary Benefits
There are several benefits that can be derived from the use of a product development template when seeking the approval of senior executives. The following are the primary benefits of using this particular template:
- budget approval support
- organized, professional reports are generated
- project manager credibility increases
- provides cost/benefit analysis
Most importantly, the product development template will save you up to 4 hours of formatting time. According to mobile development firm RapidValue, "In today’s business economy, saving time can be just as important as saving money."
