New Product Development (NPD)

New Product Development (NPD) is the process of creating a new product to meet customer needs and market demands. It involves several stages: idea generation, where concepts are brainstormed; screening, where ideas are evaluated; development, where the product is designed and tested; and commercialization, where it is launched to the market. Effective NPD ensures that products are innovative, feasible, and profitable, often incorporating feedback from potential users throughout the process. It’s a strategic approach that helps businesses stay competitive and relevant in their industries.