We use a software product from AxoSoft called OnTime to handle our Defects, Feature Requests, and Tech Support Cases. Essentially, this tool is a wrapper that allows us to enter and edit information about tables in a Database.
There are two kinds of Feature Requests: those which have an associated Tech Support Case, and those which do not. Each Tech Support case is categorized as either Bug, Feature Request, Customer Problem, or Information Request. It is our policy to try to resolve 90% of all Tech Support cases in 1 or 2 days. Of course, we will occasionally receive some cases that can take as long as a month or more to resolve.
When we receive a Feature Request from a customer or prospect, we enter the Feature Request in our AxoSoft Database. Here is what the form looks like:
Note that there is an associated customer for this feature request (RJN) and a Tech Support case #.
The second kind of feature request is one that is not associated with any particlular Tech Support case.
The fundamental difference between a feature request that has no associated Tech Support case, and one that does have an associated Tech Support case, is that when a customer is involved, it is imperative to come to a quick resolution on how to accommodate. Some customers may be just informing us that they would like to see the feature implemented some day. If this is the case, we close the Tech Support case as "Closed/To Feature". Note that this closes the Tech Support case, but doesn't close the Feature request.
If the customer feels that he needs the feature as soon as possible, there is a business/engineering decision that must be made as to our course of action. Typically, both Sales and Engineering get involved in the decision.
Finally, if it is decided that Engineering should implement the feature, a schedule must be decided upon. The feature is then delivered in an upcoming version of DevForce or a Patch.
For non-customer related features, there is no formal process that we follow. Typically, Engineering develops a strawman proposal for the new features in a release, and Sales and Marketing negotiate with Engineerg to ultimately decide the features in a particular release.