Glossary Term: New Product Development (NPD)
NPD or New Product Development is the process of conceptualizing, designing, planning and commercializing a new product to be brought to market. NPD is referred to as product development. More broadly, new product development is the transformation of a market opportunity into a sellable product.
NPD requires an understanding of consumer needs, the nature of the market and competition. In order to maintain profitability firms must design products that have a competitive edge in the market.
To view the complete list of glossary terms, click here.