What is a product:

A product is defined as something tangible (physical)  or intangible (not physical) such as a service).

What is product development:

Product development is the generation of an idea and moving it from idea to reality through the process from prototyping to product launch.

Product development stages includes:       

-  Prototyping
-  Product Packaging/Labeling

-  Production
-  Product Pricing
Product Launch