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 history is always the same the product is always different and the history interests more than the product. More, that is, more. Yes. But if the product was not different the history which is the same would not be more interesting.”
—Gertrude Stein (1874–1946)
“If you complain of people being shot down in the streets, of the absence of communication or social responsibility, of the rise of everyday violence which people have become accustomed to, and the dehumanization of feelings, then the ultimate development on an organized social level is the concentration camp.... The concentration camp is the final expression of human separateness and its ultimate consequence. It is organized abandonment.”
—Arthur Miller (b. 1915)