NPD (New Product Development)

New Product Development (NPD) is the process companies use to create and bring new products to market. It involves researching customer needs, designing concepts, developing prototypes, testing, and refining the product before launch. The goal is to generate innovative solutions that meet market demand, differentiate from competitors, and provide value to customers. NPD combines creativity, technical skills, and strategic planning to ensure the new product is feasible, profitable, and aligned with the company's goals. It is a critical process for business growth and staying competitive in dynamic markets.