What is the objective of product development in a business?

The objective of product development in a business primarily revolves around designing and launching new products or improving existing ones. This process is essential as it allows businesses to innovate and adapt to changing market demands, consumer preferences, and technological advancements. By focusing on product development, companies can enhance their product offerings, increase customer satisfaction, and ultimately drive sales growth.

Product development encompasses various stages, including idea generation, concept testing, product design, and market introduction. Through this approach, businesses not only seek to create entirely new products but also to refine their current offerings, ensuring they meet the needs and expectations of their target market.

The other options do not align with the primary goal of product development. While employee management techniques and evaluating customer complaints are important elements of a business's overall strategy, they do not specifically address the creation or enhancement of products. Similarly, reducing production costs is a crucial aspect of operational efficiency, but it does not inherently involve the innovation or improvement of products themselves. Thus, the focus on designing and launching new products or enhancing existing ones best captures the essence of product development in a business context.