New product development (NPD) is the complete process of bringing a new product to market.
There are two parallel paths involved in the NPD process:
- One involves the idea generation, product design and detail engineering.
- The other involves market research and marketing analysis.
Companies typically see new product development as the first stage in generating and commercializing new product within the overall strategic process of product life cycle management used to maintain or grow their market share.
The stages of product development include:
- Idea Generation
- Idea Screening
- Concept Development and Testing
- Business Analysis
- Beta Testing and Market Testing
- Technical Implementation
- Commercialization (often considered post-NPD)
- New Product Pricing
Developing successful new products includes three key processes that can play critical role in product development:
1) Talk to the customer
2) Nurture a project culture
3) Keep it focused