The concept of product development
is a static thing. Product development always has the same definition. As the link below says,
product development can be defined as
the process by which a company does one of two things: 1)
creates an entirely new product that either adds to an existing product line or occupies an
entirely new niche; 2) modifies or updates an existing
product.
This definition does not
change over time.
However, product development as a process is quite
the opposite of static. The whole point of product development (as the quote above suggests) is
to cause change. A firm must constantly be updating products to improve them or seeking to
provide new products. If it does not, it will have a hard time competing in the market. This is
clearly not something that is static.
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