This product development timetable covers all stages of bringing a product from concept to market release. In other words, product development encompasses the entire life cycle of a product. When you understand product development in this context, you can see that it is not synonymous with product management, even though many use the terms interchangeably. Product development does not refer to a single role. In some organizations, the term "product development" may refer to the implementation team, which is made up primarily of developers, engineers, and possibly quality assurance personnel.