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 guys who fear becoming fathers don’t understand that fathering is not something perfect men do, but something that perfects the man. The end product of child raising is not the child but the parent.”
—Frank Pittman (20th century)
“I could not undertake to form a nucleus of an institution for the development of infant minds, where none already existed. It would be too cruel.”
—Henry David Thoreau (1817–1862)