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Despite similarly sounding names, there are huge differences between project and product development. These two concepts are often confused with one another that sometimes even experienced people in the field find it difficult to tell the difference. So, if you plan on hiring a developer for product or project development, it is imperative for you to conceptualize the difference between the two.

This is mainly because the process of selecting the right IT Company during development is of great importance. Therefore, if you make a mistake and hire the wrong company, it will directly result in the wastage of your efforts, time and money. That’s why in today’s article, you will learn more about the main differences between project and product development.

Project Development

The process of project development is usually carried out by a professional project manager who works closely with a product manager to create a successful product. However, please note that project managers are not a part of development process, but they are involved in the pre-development process. In simpler words, a project is a temporary endeavor undertaken to create a unique service or process that is developed by an organization for its own operational requirements.

Therefore, the process has nothing to do with product development, despite the fact it provides valuable information on what type of product has to be created. Additionally, a project is developed only for handling specific applications of an organization where look and feel of a product doesn’t matter, just the idea does. It is when a company wants to optimize its processes, but doesn’t want to waste money on purchase a ready-made tool that may or may not meet the exact requirements.

Product Development

Product development, also known as the ‘Stage-Gate’ process is when a product manager collaborates with other teams in order to ‘develop’ new innovations. Developing a product means creating something that a company intends to sell and generate revenues afterwards. It is strictly related to business and focuses on a wide range of consumer needs, wants and requirements. In fact, it has a whole life-cycle consisting of multiple stages.

The process begins right from the very conceptualization of the idea to developing all the architecture, drawings, designs of the products and then converting them into real, workable and sellable products. However, developing a product requires strong support and the assistance of professional product designers and industrial designers. Regardless, the entire process is carried out to develop a product with the intention of selling it in the marketplace to represent the image of a company.

Project Development vs. Product Development

• In project development, less maintenance is required, but product development requires high maintenance, strong support, and good financial resources.
• The development of a project requires long term testing, whereas project development involves limited tested.
• In project development, features and requirements are important, but the feel and look don’t carry much significance. However, product development is all about the look, feel and user-experience of a product.

• Product development is for selling and revenue generation where as project development is for a company’s own operational requirements.
• Product development is an ongoing investment that involves adding new features, but project development is only a onetime investment.

So, now that you are familiar with the factors mentioned above, determining the difference between project and product development won’t be a problem.

With a few exceptions – like gravity, and death– everything is negotiable, even taxes. First, you need to believe it. Second you need to practice it.   

VALUE AND PRICING 

Is there such a thing as a “fixed price”?  Probably not.  According to economic theory the law of “supply and demand” governs pricing. And while this may be basically true, there are many other factors which enter into the equation. Furthermore, many of these factors are subjective. This means that there is room for negotiation.   

The “fair market value” concept comes into play as well. Pricing is supposed to be the result of what a willing buyer will pay to a willing seller. In other words, subjective, emotional and psychological considerations may be in operation. Perhaps the best examples of the application of this principle are in real estate transactions. What you may be willing to pay for a house may be significantly discrepant from what I may be willing to sell it for, or vice versa. The same concept holds true for property appraisers. These experts determine a value based comparable properties, features of the property, and their experience and education. However, their value may be influenced by an “offer” price and perhaps even lender guidelines, neighborhood trends, etc.   

Think about the last time you purchased a used vehicle, or a new automobile, for that matter. A friend of mine was a top salesman. He always said he liked to sell used cars because nobody knew the “true” value. Frequently the emotional component (i.e., “I love the car” or it “suits my image”), or the terms of the sale, override good judgment.   This discussion demonstrates that value and pricing, like beauty, are in the eyes of the beholder. And, the beholder will certainly be influenced by his position (buyer or seller), and by psychological factors.  

NEGOTIATION 

Negotiation is the process of bargaining.  Donald Trump fancies himself as an extraordinary negotiator, and wrote a best-selling book on the topic “The Art of the Deal.”  However, it was his attorney and corporate V.P., George Ross (of “Apprentice” fame) who made the techniques more concrete. In Trump Style Negotiation ( Wiley & Sons, 2006) he offers “Winning Negotiation Strategies from Donald Trump’s Right-Hand Man.”  Techniques such as “building trust, friendship, and satisfaction with the other side.” are discussed. Determining “what the other side wants,” then ascertaining their weaknesses are also covered.  Weaknesses can be such things as pride, lack of cash, need, etc. Offering solutions to your “adversary’s” problems is important, and so is convincing people that they got “more than they ever expected.” Such mundane, but important issues such as controlling the place and pace of negotiations can also be used to one’s advantage.  

IT’S A MINDSET

In the beginning of this article I say just about everything is negotiable, and that you need to believe it and practice it!  Many people are afraid to negotiate or inept at the process.  Just ask. You may find that the other party is willing to deal.   

Next time you visit your supplier, mechanic, roofer, tailor, department store, barber, dentist, restaurant, etc., ask if they can cut their price, or make you a deal.  Do they offer discounts?   Do they offer low cost financing?   Do they offer better terms?  Do they stand behind their product?  Will they offer extended service or replacement provisions?  Just ask.  Indicate that you are a serious and savvy buyer, cognizant of value, and that you are looking to build a “relationship” with them. You may be surprised at how often you will gain concessions.  Remember, almost everything is negotiable.

Does the idea of purchasing 60th birthday presents sound difficult? 60th birthday presents can be hard to find when a gift giver believes the person has everything they need. For some, that may be true but there are many simple wants and needs that can still make the birthday special.

This leaves the gift buyer little choice but to settle on something they know the person will use. The reasoning that everybody has to eat, might serve as inspiration, but with sixty and over, bear in mind that health conditions can become a factor. Common in that age group is diabetes, hypertension and heart disease, each of which comes with its own dietary requirements. However, many specialist food manufacturers do cater for those needs. Shop around and you should find a great variety of delicious alternatives to the usual box of chocolates.

An arrangement of flowers brings a festive atmosphere into the home of the birthday boy or girl. Selecting something with a pleasant lingering scent will remind the recipient for weeks that someone considered them wonderful enough to spoil. During the Victorian era, strict symbols applied for each possible gift of flowers. Roses, orchids, tulips, violets and jasmine – each stood to mean something different. Even color played a role. These days, people are less aware of such customs, although you might want to avoid offending with lavender. To some, it means distrust. Flowers fade quickly, but for a growing gift to last several seasons, consider giving a plant instead. You should inquire about which plants are most suitable for your recipient’s home or garden. Something that wilts after a few weeks from too much or too little sun could cause embarrassment to the giver and the receiver.

Can anyone refuse the opportunity of experiencing some tender loving care, at the hands of a skilled masseur? Similarly, a brand new makeover will give most women a new lease on life. Visit your nearest beauty salon to find out what their gift options are. If that seems too life changing all in one go, you could instead explore the wide range of body-spoilers available in retail stores. If the person you have in mind has mentioned a desire for a fitter life routine, do investigate what levels of gym membership or other exercise programmes are available in the 60 plus age group.

Sometimes a great gift can simply be a night to remember. Whether at the theatre or at a concert, the wonder of the performance will stay with the person for much longer than the running time. Anything that is shared with love can be counted as recommendations for 60th birthday presents.