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New product development
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New product development (NPD) or product development in business and engineering covers the complete process of launching a new product to the market. Product development also includes the renewal of an existing product and introducing a product into a new market. A central aspect of NPD is product design. New product development is the realization of a market opportunity by making a product available for purchase.[1] The products developed by an commercial organisation provide the means to generate income.
Many technology-intensive organisations exploit technological innovation in a rapidly changing consumer market.[2] A product can be a tangible asset or intangible. A service or user experience is intangible. In law, 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 University Press. 2009. ISBN 9780199234899. OCLC 277068142.
- ^ a b Innovation Management and New Product Development (5th ed.). Pearson Education. 2012. ISBN 9780273736561.
- ^ Kahn, Kenneth B. (2012). The PDMA handbook of new product development (3 ed.). John Wiley & Sons Inc. ISBN 9780470648209.
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