New product development (NPD) is the overall process of conceptualizing, designing, planning, and commercializing a new product in an effort to bring it to market. There are several different approaches to this process. Some approaches are customer centered, team based, or systematic as examples.
There are seven (7) stages of new product development:
Source: https://www.netsolutions.com/insights/everything-about-new-product-development/
The key objectives of new product development include cultivating, maintaining, and increasing an enterprise’s market share by satisfying customer requirements.
Source: https://searchcio.techtarget.com/definition/product-development-or-new-product-development-NPD
New product development enables businesses to pursue new market opportunities, meet changing customer demands, maintain a competitive edge, pioneer innovative technology, and enhance brand reputation.
*Source: https://engineeringproductdesign.com/knowledge-base/new-product-development/
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To deliver better products, faster, and easier you need a new product development (NPD) platform that addresses each stage of the product development process, streamlines activities, and enables collaboration across all product teams.
Learn how to achieve efficiency in each new product development stage.