What is the meaning of new product development?

In business and engineering, new product development (NPD) is the complete process of bringing a new product to market. ... The use of best practices and the elimination of barriers to communication are the main concerns for the management of NPD process. read more

Process of developing a new product or service for the market. This type of development is considered the preliminary step in product or service development and involves a number of steps that must be completed before the product can be introduced to the market. read more

Product development, also called new product management, is a series of steps that includes the conceptualization, design, development and marketing of newly created or newly rebranded goods or services. The objective of product development is to cultivate, maintain and increase a company's market share by satisfying a consumer demand. read more

Definition of NEW PRODUCT DEVELOPMENT: Development process for a new product or service. This development type is set as the preliminary step in product or service development. It involves steps in a protocol that must be completed before introducing the product to the market. read more