What is New Product Development (NPD)?
New Product Development Definition
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.
FAQs
What are the stages of new product development?
There are seven (7) stages of new product development:
- Idea generation
- Idea screening
- Concept development and testing
- Market strategy and business analysis
- Product development
- Market testing
- Market commercialization
Source: https://www.netsolutions.com/insights/everything-about-new-product-development/
What are the objectives of 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
Why is new product development important to a business?
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/
What are the steps of new product development?
NPD content is being added. Stay tuned.