New Product Development

New Product Development is a business and engineering term which describes the complete process of bringing a new product to market. There are two parallel aspects to this process : one involves product engineering ; the other marketing analysis. Marketers see new product development as the first stage in Product Life Cycle Management.
 
Improving and updating product lines is crucial for the success for any organisation. Failure for an organisation to change could result in a decline in sales and with competitors racing ahead. The process of NPD is crucial within an organisation. Products go through the stages of their lifecycle and will eventually have to be replaced.
There are various stages the organisation follows while launching anew product in the market.
 
The NPD process is not a linear sequence of events. Results from tests, customer feedback and general discussions send everyone back to the drawing board. So the NPD process is a series of loops rather than a linear process.NPD plays a big continual part in a company's long term success. Constant improvement of old products along with the development of new ones means companies like Sony produce 1,000 new products per year or 4 new products each day. Their founder Akio Morito, explained the underlying NPD drive when he said that his job was to make his products obsolete.
 
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