In business and engineering, new product development (NPD) is the complete process of bringing a new product to market. A product is a set of benefits offered for exchange and can be tangible (that is, something physical you can touch) or intangible (like a service, experience, or belief). There are two parallel paths involved in the NPD process: one involves the idea generation, product design and detail engineering; the other involves market research and marketing analysis. Companies typically see new product development as the first stage in generating and commercializing new product within the overall strategic process of product life cycle management used to maintain or grow their market share.
Read more about New Product Development: The Stages, Fuzzy Front End, NPD Organizations, NPD Strategies, Related Fields
Famous quotes containing the words product and/or development:
“The end product of child raising is not only the child but the parents, who get to go through each stage of human development from the other side, and get to relive the experiences that shaped them, and get to rethink everything their parents taught them. The get, in effect, to reraise themselves and become their own person.”
—Frank Pittman (20th century)
“The development of civilization and industry in general has always shown itself so active in the destruction of forests that everything that has been done for their conservation and production is completely insignificant in comparison.”
—Karl Marx (1818–1883)