The term that best fits the description is "Cross-functional collaboration." Cross-functional collaboration refers to the practice of different departments or teams within a company working together, often simultaneously, to achieve a common goal or complete a project. In the context of product development, cross-functional collaboration involves departments such as research and development, marketing, production, and sales collaborating closely throughout the product development process. This collaborative approach helps save time, increase efficiency, and foster innovation by leveraging the expertise and perspectives of various teams within the organization.