What is a New Product Development and Introduction (NPDI)?

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

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

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

The seven steps of new product development are:

1. Idea generation
2. Idea screening
3. Concept development and testing
4. Market strategy and business analysis
5. Product development
6. Market testing
7. Market commercialization.

*Source: https://www.netsolutions.com