Managed Product Development (MPD) as an IT service involves outsourcing the management and execution of the entire product development lifecycle to a specialized service provider. Here’s a breakdown of what this typically includes:

• Planning and Strategy: The service provider collaborates with the client to define product goals, target audience, and business objectives. They may also conduct market research and feasibility studies.
• Design and Development: This phase covers the creation of product designs, prototypes, and the actual development of the software or hardware product. It includes coding, testing, and integration of components.
• Project Management: MPD services include project planning, scheduling, resource allocation, and risk management to ensure that the development process stays on track and within budget.
• Quality Assurance and Testing: Rigorous testing ensures that the product meets quality standards, is free from bugs, and functions as intended across different platforms and environments.
• Deployment and Launch: The service provider manages the deployment of the product, including configuration, installation, and rollout to end-users or clients.
• Maintenance and Support: Post-launch, MPD services often include ongoing maintenance, updates, and technical support to ensure the product’s continued performance and relevance.
• Consultation and Strategic Guidance: Throughout the process, the service provider offers strategic advice and consultation to optimize the product’s success in the market.