New product development

In business and engineering, new product development (NPD) or simply product development is the complete process of bringing a new product to market. Product development also includes renewing an existing product and introducing a product into a new market. New product development is the realization of a market opportunity by making a product available for purchase. The products developed by a commercial organization provide the means to generate income. A central aspect of NPD is product design. Many technology-intensive organizations exploit technological innovation in a rapidly changing consumer market. A product can be a tangible asset or good or intangible services or user experiences. NPD requires an understanding of customer needs and wants, the competitive environment, and the nature of the market. 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 regular development of new products. There are many uncertainties and challenges which companies must face throughout the process.