NPD

NPD, or New Product Development, is the process companies use to create and bring new products to market. It involves several stages including idea generation, research, design, testing, and launch. The goal is to develop innovative products that meet customer needs, stand out from competitors, and contribute to the company's growth. Successful NPD requires careful planning, market analysis, and coordination among different departments like R&D, marketing, and production. It helps businesses stay competitive and adapt to changing market trends by continuously offering updated or entirely new products.