Product development does not occur in isolation as a separate functional activity. It is a company philosophy, a basic company strategy and a multifunctional company activity. In recent years to show this all-encompassing basis, bringing together product, process, marketing and organisational innovations, there has been development of an overall innovation strategy. This innovation strategy is related to the company's overall business aims and strategy, as well as the social, economic and technological environment, and the company's own knowledge and skills. The business strategy also includes a duct strategy outlining the products of the future. The combination of the innovation and product strategies is the basis for the product development strategy, and from this can be developed
