What are the similarities and differences between a community-driven product development process and a traditional product development process within a firm?

A traditional process development process is when a company makes a new product base on their marketing search. The marketing research involves many complicated steps to figure out what the customer might need or interested in.  The process costs great amount of investment, and It usually takes years or the company to gain back their initial investment. While, a community-driven product development process allows the customers to be part of the product development process, even from day one of the project. For that reason the product came out perfectly match the meet of the customer. That process costs significantly less that the other. However, it was only truly successful after the growing of social network.