new product development

new product development
A marketing procedure in which new ideas are developed into viable new products or extensions to existing products or product ranges. New ideas, which are generated either internally (e. g. by scientific research) or by feedback from consumers, are first screened for prima facie viability; the few that remain are further reduced by concept tests and detailed analysis of their potential profitability. Any ideas that survive these obstacles are subjected to extensive product development. Prototypes are made and tested within the company and among consumers, and improvements made. This cycle is repeated until satisfactory marketing research results are obtained, when the new product will be launched (possibly at first in a restricted area; see test marketing). See also new-products committee
New product development

Big dictionary of business and management. 2014.

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  • new-product development — UK US noun [U] (ABBREVIATION NPD) PRODUCTION, MARKETING ► the process of developing a new product or service: »She now heads global marketing, with responsibility for new product development. »a new product development project/manager …   Financial and business terms

  • New product development — In business and engineering, new product development (NPD) is the term used to describe the complete process of bringing a new product to market. A product is a set of benefits offered for exchange and can be tangible (that is, something physical …   Wikipedia

  • new product development — /nju: prɒdʌkt dɪˌveləpmənt/ noun the process of developing completely new products or improving existing ones ● The company fell behind because it failed to invest enough in new product development. Abbr NPD …   Marketing dictionary in english

  • product development — UK US noun [U] MARKETING, PRODUCTION ► the process of creating or improving a product or service and managing it during all stages from design through marketing: »The company s disappointing performance was blamed on not keeping pace with… …   Financial and business terms

  • New product screening — is the process of filtering or screening new product developments before they enter the stage gate process and start to consume significant resources. The Stage Gate® process was created by Dr. Robert Cooper and is a method described by Cooper… …   Wikipedia

  • New business development — concerns all the activities involved in realizing new business opportunities, including product or service design, business model design, and marketing. When splitting business development into two parts, we have: ‘business’ and ‘development’.… …   Wikipedia

  • Product Development and Management Association — This article refers to a non profit organization. For other meanings, see PDMA. The Product Development and Management Asssociation, or PDMA, is a non profit professional society that organizes and publishes information about the development of… …   Wikipedia

  • new product committee — /nju: prɒdʌkt kəˌmɪti/ noun a group of people from different departments in a company who work together on a new product development project ● The new product committee met regularly to monitor the progress in the product’s development …   Marketing dictionary in english

  • product development — A strategy for company growth that relies on offering modified or new products to market segments currently being served. See product market strategy See also new product development …   Big dictionary of business and management

  • product development — /ˌprɒdʌkt dɪ veləpmənt/ noun the process of improving an existing product line to meet the needs of the market. ⇒ new product development …   Marketing dictionary in english

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