New Product Development

New Product Development (NPD) is the process of bringing a new product to market. It involves several key stages: idea generation, where new concepts are created; screening, which assesses the viability of ideas; development, where prototypes are designed and tested; and final commercialization, where the product is launched. NPD aims to meet customer needs and drive business growth by innovating and improving existing products or creating entirely new ones. Effective NPD requires collaboration across various teams, including marketing, engineering, and finance, ensuring that the final product is both market-ready and profitable.