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.

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