Complete process of bringing a new product to market
This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. Find sources: "New product development" – news · newspapers · books · scholar · JSTOR(November 2019) (Learn how and when to remove this message)
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. 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.[1] The products developed by an organisation 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. [2]
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."NPD requires an understanding of customer needs and wants, the competitive environment, and the nature of the market.[3]
Cost, time, and quality are the main variables that drive customer needs. Aiming at these three variables, 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. There are many uncertainties and challenges which companies must face throughout the process. [2]
^A dictionary of business and management (5th ed.). Oxford [England]: Oxford University Press. 2009. ISBN 9780199234899. OCLC 277068142.
^ abInnovation Management and New Product Development (5th ed.). Harlow [England]: Pearson Education. 2012. ISBN 9780273736561.
^
Kahn, Kenneth B. (2012). The PDMA handbook of new product development (3 ed.). Hoboken, New Jersey: John Wiley & Sons Inc. ISBN 978-0-470-64820-9. A thorough understanding of customers' needs and wants, the competitive situation, and the nature of the market is an essential component of new product success.
and 25 Related for: New product development information
business and engineering, productdevelopment or newproductdevelopment (PD or NPD) covers the complete process of bringing a newproduct to market, renewing...
the creation of innovative products. Thus, it is a major aspect of newproductdevelopment. Product Design Process: The product design process is a set of...
product manager (PM) is a professional role that is responsible for the development of products for an organization, known as the practice of product...
Collaborative productdevelopment (collaborative product design) (CPD) is a business strategy, work process and collection of software applications that...
AMC began development of a new model, that later came out as the Jeep Grand Cherokee. The first part in its quest for faster productdevelopment was computer-aided...
themselves in the market and create a more successful product. The NewProductDevelopment (NPD) process, often referred to as the Stage-Gate innovation process...
professional society that organizes and publishes information about the development of newproducts. Founded in 1976, they currently have about 3500 members worldwide...
Harvard Business School. He co-authored The NewNewProductDevelopment Game which influenced the development of the Scrum framework. Takeuchi was born...
invention of newproducts which, in this context, are still considered innovative. Product innovation is defined as: the development of newproducts, changes...
Lean productdevelopment (LPD) is an approach to productdevelopment. Toyota started its journey with lean productdevelopment at Toyota Loom Works (see...
New productdevelopment Organization development Professional development Real estate development Research and development Training and development Fundraising...
and measures of success. A product strategy sets the direction for newproductdevelopment. Companies utilize the product strategy in strategic planning...
a product or business idea. The concept can be used to validate a market need for a product and for incremental developments of an existing product. As...
developing new services or products, and improving existing ones. Research and development constitutes the first stage of development of a potential new service...
feature being offered in the future. In newproductdevelopment, particularly those following agile software development approaches, there is always more to...
ProductDevelopment Lifecycle (APDL) (also known as Transdisciplinary System Development Lifecycle (TSDL), and Transdisciplinary ProductDevelopment Lifecycle...
complement newproductdevelopment activities. The Godrej Research & Development Centre is recognised by the Department of Science and Technology, New Delhi...
Sustainable productdevelopment (SPD) is a method for productdevelopment that incorporates a Framework for Strategic Sustainable Development (FSSD), also...
Virtual productdevelopment (VPD) is the practice of developing and prototyping products in a completely digital 2D/3D environment. VPD has four main components:...
paying commercial proposition. The product launch of a newproduct is the final stage of newproductdevelopment – at this point advertising, sales promotion...
presenting designs. Design during production. Development – continuation and improvement of a design. Product testing – in situ testing of a design. Post-production...
offices. Ustream had received $11.1 million in Series A funding for newproductdevelopment from Doll Capital Management (DCM) and investors Labrador Ventures...
Global Information