"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 process of creating and refining a product or service from idea to launch.
Idea Generation: The process of generating and exploring new product ideas.
Market Research: Understanding the consumers and analyzing the market trends and competition.
Business Model: Choosing the right business model that aligns with the product and market.
Prototyping: Developing an initial version of the product with minimum features for testing.
Customer Testing: Testing the initial version of the product with customers and receiving feedback.
Minimum Viable Product (MVP): Creating a minimal version of the product, while maintaining its essentials features.
Product Design: Designing the product to appeal to the target audience and be aesthetically pleasing.
Intellectual Property (IP): Protecting the invention by obtaining patents, trademarks or copyrights.
Manufacturing: Choosing the right manufacturer to produce the product at affordable costs and high quality.
Supply Chain: Ensuring a smooth flow of goods and services from the manufacturer to the market.
Marketing & Advertising: Promoting the product to the target audience by using various marketing and advertising tools.
Sales: Using the right channels to sell the product to customers.
Funding: Securing funds to support the product development, manufacturing, and growth.
Legal and Compliance: Complying with legal regulations such as consumer protection, labor laws, environmental regulations, and industry standards.
Project Management: Managing the product development process from idea concept to launch, while meeting set deadlines and targets.
Product Launch: Launching the product to the market with a bang and effectively managing initial customer feedback.
Incremental product development: This type of product development involves making small improvements and modifications to an existing product to enhance its performance and/or features.
Platform product development: In platform product development, a company designs a product that can be adapted or customized by third-party developers or users.
Disruptive product development: A disruptive product completely changes the market by introducing a new technology or business model.
Niche product development: Niche products satisfy a specific and narrow customer segment with unique and tailored features.
Radical product development: Radical product development involves developing cutting-edge products with new technologies or business models, often with a long-term view.
Reverse product development: This type of product development involves starting with the end goal in mind and then working backwards to create the product.
Customer-centric product development: This type of product development involves taking customer feedback and data into consideration in every stage of the process.
Lean product development: Lean product development focuses on minimizing wasted resources and testing the product in the market as early as possible.
Joint product development: Joint product development involves collaborating with other companies or partners to develop a product together.
Open-source product development: In open-source product development, the product is openly available for anyone to use or modify, and the community works together to improve it.
"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.'"