Abstract
This chapter discusses the product development life cycle, which can be defined as a sequence of all the required activities that a company must perform to develop, manufacture, and sell a product. These activities include marketing, research, engineering design, quality assurance, manufacturing, and a whole chain of suppliers and vendors. This chapter provides the concept of product development life cycle, the importance of product development during the product development life cycle, the major phases of product development process, benchmarking, the systematic procedure of generating concepts, and finally, a complete case study for understanding the presented concepts.