What is a New Product Development and Introduction (NPDI)?
New Product Development and Introduction Definition
New product development and introduction (NPDI) encompasses all of the processes that are needed to bring a new product to market. New product development (NPD) focuses on conceptualizing, designing, and planning a new product, whereas new product introduction (NPI) focuses on producing, launching, and selling the product to consumers.
FAQs
What is the introduction of new product?
New product introduction (NPI) is the step-by-step process by which a company creates an idea and carries it through to commercialization.
*Source: https://www.tcgen.com
What are the reasons for new product development and introduction?
New product development and introduction is the lifeblood of organizations. It is necessary for companies to:
- Meet ever-changing consumer demands
- Maintain a competitive advantage
- Keep up with technological advancements
- Create new opportunities for growth and development
- Diversify risk
- Enhance brand reputation
*Source: https://engineeringproductdesign.com
What is the importance of new product development?
New product development is essential for companies’ organic growth. Companies must invest in innovative products to prosper and contend with fierce global competition, changing consumer behavior, and technological advancements.
*Source: https://engineeringproductdesign.com
What are the seven steps of new product development?
The seven steps of new product development are:
- Idea generation
- Idea screening
- Concept development and testing
- Market strategy and business analysis
- Product development
- Market testing
- Market commercialization.
*Source: https://www.netsolutions.com
Best Practices for New Product Introduction
Learn the best practices for streamlining new product introduction (NPI) processes by reading our guides on NPI.