Can I develop an embedded system; starting with prototyping by using an arduino board. Then extract the hex code that I verified on the arduino board and load it on to a microcontroller. (Of course the target controller must be the same as the one on the board).

It comes to me as a sensible approach, may be this is the way that everyone follows. 
I want to learn if it is plausible or nonsense? Any cons and pros. 

Thanks