"Product development or new product development (PD or NPD) covers the complete process of bringing a new product to market, renewing an existing product, and introducing a product in a new market."
Process of creating and launching new products or services to meet customer needs and wants.
Market Research: The process of gathering, analyzing, and interpreting information about the target audience, industry trends, competitors, and consumer demand to guide product development decisions.
Product ideation and concept development: The process of generating and evaluating multiple ideas and selecting the best one to transform into a marketable product.
Product design: The process of creating a blueprint or a visual representation of a product that meets the needs and wants of the target customers.
Prototyping: The process of building a working model or a sample version of a product to test its functionality, usability, and appeal to the target audience.
Product testing: The process of gathering feedback from the target audience to identify any defects or areas of improvement in the product.
Product launch: The process of introducing a new product to the market, including designing marketing plans and identifying distribution channels for the product.
Brand positioning: The process of creating a unique identity for the product that differentiates it from competitors and appeals to the target audience.
Pricing strategy: The process of determining the right price that balances the cost of producing the product with the perceived value of the product to the target audience.
Sales and distribution: The process of identifying the right channels to reach the target audience and building relationships with retailers, wholesalers, and distributors.
Customer support and feedback: The process of providing ongoing support to customers and gathering feedback to identify areas of improvement for the product or the overall product development process.
New product development: This involves developing new products from scratch, including ideation, prototyping, and testing.
Product line extension: This type of development involves adding new products to an existing product line.
Product modification: This involves making changes to an existing product to improve its performance, quality or aesthetics.
Repositioning: This involves changing the target market or positioning of an existing product.
Cost reduction: This involves finding ways to reduce the cost of producing an existing product while maintaining its quality.
Quality improvement: This involves improving the quality of an existing product to meet customer needs and expectations.
Brand extension: This involves developing a new product under an existing brand name, leveraging the brand's equity.
Incremental innovation: This involves making minor changes to an existing product to improve its functionality, performance, or usability.
Disruptive innovation: This involves creating a product that disrupts an entire market or industry, often by offering a unique value proposition.
Open innovation: This involves partnering with other companies, customers or external stakeholders to develop new products or ideas.
"A central aspect of NPD is product design, along with various business considerations."
"New product development is described broadly as the transformation of a market opportunity into a product available for sale."
"The products developed by an organization provide the means for it to generate income."
"For many technology-intensive firms, their approach is based on exploiting technological innovation in a rapidly changing market."
"The product can be tangible (something physical that one can touch) or intangible (like a service or experience), though sometimes services and other processes are distinguished from 'products.'"
"Cost, time, and quality are the main variables that drive customer needs."
"Innovative companies develop continuous practices and strategies to better satisfy customer requirements and to increase their own market share by a regular development of new products."
"NPD requires an understanding of customer needs and wants, the competitive environment, and the nature of the market."
"There are many uncertainties and challenges which companies must face throughout the process."
"A central aspect of NPD is product design, along with various business considerations."
"For many technology-intensive firms, their approach is based on exploiting technological innovation in a rapidly changing market."
"New product development is described broadly as the transformation of a market opportunity into a product available for sale."
"The products developed by an organization provide the means for it to generate income."
"Cost, time, and quality are the main variables that drive customer needs."
"Innovative companies develop continuous practices and strategies to better satisfy customer requirements and to increase their own market share by a regular development of new products."
"NPD requires an understanding of customer needs and wants, the competitive environment, and the nature of the market."
"There are many uncertainties and challenges which companies must face throughout the process."
"In business and engineering, product development or new product development (PD or NPD) covers the complete process of bringing a new product to market, renewing an existing product and introducing a product in a new market."
"The product can be tangible (something physical which one can touch) or intangible (like a service or experience), though sometimes services and other processes are distinguished from 'products.'"